Juggernaut raises $380m fund

Juggernaut Capital Partners has held a final close on its third fund, which focuses on investing in the lower middle market.

Washington DC-based Juggernaut Capital Partners (JCP) announced the final close of its third fund on $380 million, above its $350 million target, according to a statement from the firm. 

Juggernaut Capital Partners III (JCP III) similar to its two predecessor funds and will focus on investing in lower mid-market companies, primarily in the consumer and business services sectors. 

JCP II, a 2012 vintage vehicle, closed on $220 million, below its target of $300 million.

John Shulman, founder and managing partner of JCP, said in the statement: “Our third fund marks a new chapter in our history – a prudent and logical expansion of our investor base, investment team and assets under management. Underpinning our new fund will be the same focused investment strategy that has defined our firm and driven our success since inception.”

The management team at JCP has invested together for over 15 years. The firm expects to acquire companies and interests in companies with enterprise values generally in the range of $50-200 million. 

In the statement, the firm added that opportunities exist for acquisitions and investments in the consumer sector, where large consumer products companies are continuing to divest smaller brands. In the business services sector, JCP sees opportunities arising from the continued trend of companies outsourcing their non-core functions in order to refocus on core competencies and improve efficiencies. 

Current portfolio companies for the firm include Apollo Retail Specialists , outerwear and swimwear supplier, Amerex Group , Advantage Consumer Healthcare and water brand Voss .

Proskauer Rose served as the legal counsel in the formation of JCP III.

Juggernaut Capital Partners, founded in 2009, has $500 million assets under management, with $725 million in committed capital. JCP provides capital for growth, recapitalizations, acquisitions and buyouts.