Ironbridge nears target for Fund II

The Canadian lower mid-market firm is targeting C$125m for its second fund.

Toronto-based Ironbridge Equity Partners has held a second close on C$90 million (€62 million; $84 million) for its Fund II, according to a statement.

Fund II has been in market for less than six months and has a target of C$125 million with a C$150 million hard-cap. The firm held a first close on C$50 million last September. Elm Capital is acting as placement agent for the fund, which has attracted commitments from US and Canadian limited partners, including fund of funds, banks and insurance companies. 

Ironbridge is expected to hold a final close for the fund during the first quarter of 2014.

The firm made its first investment from Fund II last October, acquiring events company Frischkorn Audio-Visual. Ironbridge focuses on control investments in Canada’s lower mid-market and targets businesses with enterprise values between C$15 million and C$50 million and with earnings before interest, tax, depreciation and amortisation between C$3 million and $8 million. The firm specialises in the manufacturing, distribution, consumer and business services sectors.

Ironbridge’s debut fund collected C$50 million in 2006. Founded in 2005, the firm’s team of seven professionals has invested more than C$90 million in nine transactions.