Ridgemont promotes two

The firm has named Yeatts Anderson and Tim Dillon vice presidents. Ridgemont has grown its total staff to 25 professionals since spinning out of Bank of America in 2010.

Charlotte, North Carolina-based Ridgemont Equity Partners has promoted Yeatts Anderson and Tim Dillon to the role of vice president.

Anderson joined the firm in 2008 when it was still Banc of America Capital Investors. He focuses primarily on investor relations and fundraising. Prior to joining BACI he worked at Charlotte-based investment bank Edgeview Partners.

Dillon joined Ridgemont in 2010 and is responsible for investments in the basic industries sector. He previously worked in the mergers and acquisitions group at Wachovia Securities and at Carousel Capital.

Since spinning out from Bank of America in 2010, Ridgemont has grown its staff to 25 individuals.

“We’re pleased with our general activities in terms of the overall development of the firm, getting independent from the bank and having independent funding,” partner Travis Hain told Private Equity International.

Ridgemont has completed two transactions in 2012, acquiring healthcare business Hometown Urgent Care and an undisclosed energy investment.

The firm is in the process of raising its first fund as an independent firm, Ridgemont Equity Partners I, which is targeting $675 million and had collected about $409 million as of April, according to documents filed with the US Securities and Exchange Commission.

Ridgemont made a clean break from its former parent earlier this year when Goldman Sachs, Landmark Partners and AlpInvest Partners bought out Bank of America’s stake in funds on its balance sheet that the Ridgemont team had managed since the group began the process of spinning out in 2010, three people with knowledge of the transaction previously told Private Equity International.

Ridgemont declined to comment on the deal.

The firm focuses on mid-market buyouts and growth equity investments between $25 million and $75 million in sectors including basic industries and services, energy, healthcare and telecommunications, media and technology.