Lindsay Goldberg closes on $3.1bn

The Bessemer Holdings-affiliated New York-based firm has held a first and final closing of its second fund and made the vehicle’s first investment in an industrial maintenance services company.

Lindsay Goldberg & Bessemer, a partnership between Bessemer Holdings and its spin-out, Goldberg Lindsay & Co., has held a final close on its second fund at $3.1 billion (€2.4 billion).

The fund received the support of most of the investors from the firm’s first fund as well as new investors from North America and Europe. All new investments will be made using the resources of Fund II, including the firm’s June 30th investment in Brock Holdings. The remaining commitments of Fund I will be used to support on-going business-building efforts of companies in that portfolio.

Financial terms of the investment in Brock Holdings, one of the largest providers of industrial maintenance services in the US, were not disclosed. The Beaumont, Texas-based company has over 2,600 employees nationwide and serves 150 customers across 260 facilities in a wide range of end markets.

The LGB partnership is made up of Goldberg Lindsay & Co. as investment manager and Bessemer Holdings, a subsidiary of The Bessemer Group, which also contains The Bessemer Trust. The partnership was formed in 2002 by co-managing partners Alan Goldberg and Robert Lindsay, who spun-out the investment business of Bessemer Holdings to form Goldberg Lindsay. The two had previously built private equity operations at Morgan Stanley where they played a principal role in the formation and management of its first leveraged equity fund in 1984.

Lyndsay Goldberg & Bessemer focuses on acquiring middle-market companies and seeks to make investments of between $50 million and $250 million in the manufacturing, commodity-based manufacturing, financial services and healthcare sectors. Current portfolio companies include food manufacturer Keystone Foods, insurance distributor Alliant Resources Group and nuclear power services company EnergySolutions.

In April the firm bought remittance company Intermex Wire Transfer, hoping to cash in on the US government’s possible implementation of a “guest worker” program.