Los Angeles-based Riordan, Lewis & Haden (RLH) held an interim close on its second fund, corralling roughly $100 million (€84 million) in limited partner commitments.
There was no target identified in the filings submitted with the Securities and Exchange Commission, although a source close to the firm said it is seeking between $250 million and $300 million for the follow-up vehicle, RLH Investors II. Riordan, Lewis & Haden’s first fund, raised in 1999, had been capitalised with $110 million of LP commitments.
RLH’s roots date back to the mid-eighties, when former lawyer and one-time Los Angeles mayor Richard Riordan launched the buyout shop, which initially made investments on a deal-by-deal basis. The group today is primarily headed by J. Christopher Lewis, who joined the firm at its launch, and Patrick Haden, the former Los Angeles Rams quarterback who was brought into the group in 1987.
The firm also bolstered its staff in the past couple of years, recently adding Westar Capital vet Michel Glouchevitch, who had put in a previous stint at RLH earlier in his career. Last year, the firm also hired Lake Capital’s Robert Zielinski to spearhead deal sourcing in the business services and healthcare sectors.
The firm could be described as a small- to mid-market specialist, targeting businesses with sales ranging from $25 million to $150 million. The group will not change its focus with the larger fund, the source said. RLH is also a territorial firm in that it keeps its activity close to its home base in the Southern California market.
This summer RLH acquired Con-Cise Contact Lens Co., a lens distributor that serves the Western US. Other investments include kitchenware maker Bradshaw International, hand therapy provider Physical Rehabilitation Networks and IT staffing outfit Data Processing Resources Corp.
Bingham McCutchen is serving as legal counsel to RLH on the fundraising.