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Lake Capital invests in tech services

The Chicago-based private equity firm focussed on services-based companies has made a ‘significant investment’ in Tolt Service Group.

Lake Capital has made a “significant investment” in Tolt Service Group, an outsourced technology field services company.

Tolt intends to use the investment to grow the scope and reach of its service offerings both through organic initiatives and acquisitions.

Lake Capital declined to comment.

The Chicago-based private equity firm was founded by entrepreneurs Terence Graunke and Paul Yovovich, who also co-founded Lighthouse Global Network, a company backed by Frontenac and GTCR Golder Rauner that was sold in 2000.

The group typically commits $50 million (€32 million) to $75 million of equity to service-based companies across a range of industries.

Its current portfolio companies include staffing company Addison Search, energy supplier Hudson Energy Services and printing and fulfillment company Vestcom International.

In December 2005, Lake Capital closed its second fund on $800 million. Its inaugural fund closed on $500 million 2002. Prior to its first fund, the firm raised capital of up to $125 million on a per platform basis.