Mid-market

During fundraising, exits involving GroundWorks and Chauvet generated a 4.9x gross multiple and a 6.5x gross multiple, respectively, Cortec co-president Dave Schnadig told Buyouts.

Rolled out late last year, Fund VIII is set to be 31% larger than its predecessor, closed in 2020 at $535m, ahead of a $425m target.

Nautic Partners XI is set to bring in $1bn more than its predecessor, closed in 2021.

ICV Capital Partners IV was earning a 2.16x net multiple and a 23.88% net IRR as of March 2023, according to pension documents.

The firm is led by Brian Martin, formerly an executive in American Capital's LBO group, and Mike Janish, a one-time CEO of American Capital-backed Avalon Laboratories.

Through the new fund, Sterling intends to capitalize on sector tailwinds, such as manufacturing onshoring, aging infrastructure and inflation and supply-chain challenges.

In a subdued deal environment, mid-market buyouts are drawing more attention, in part because they often have attractive entry valuations and are easier to finance than large caps.

The new offering comes roughly a year after Court Square announced a succession event that created new leadership.

M/C was founded in 1986 by David Croll and James Wade as a spin-out of the media and communications practice of TA Associates.

Fund VIII comes six years after the close of its predecessor, making Olympus something of a contrarian at a time when many GPs are accelerating fundraising.