Summer Street collects $192m for third fund

The firm’s third fund focused on the lower mid-market is targeting $300m, twice the target size of its second fund that closed in 2007.

Summer Street Capital Partners has collected about $192 million for its third fund, which is targeting $300 million, according to documents filed with the US Securities and Exchange Commission.

The Buffalo, New York-based firm came to market with the fund last year, and will make both control and non-control investments in sectors including education, environmental services, healthcare and manufacturing in North America. Summer Street targets primarily small-market buyouts, focusing on companies with revenues of $20 million to $100 million. The firm invests a minimum of $15 million per transaction.

As of 10 April, 27 investors had committed capital to Fund III.

Greenwich, Connecticut-based Champlain Advisors is acting as the fund’s placement agent and previously raised Summer Street’s second fund that collected $187 million in 2007.

Last month, Summer Street invested in Curtis Bay Energy, a medical waste disposal company servicing hospitals and healthcare providers. The firm has been particularly active in the waste management sector, having previously invested in collection, recycling and disposal services company Apple Valley Waste in March 2011.

Summer Street was founded in 1999 by managing partners Michael McQueeny and Brian D’Amico, the former president and vice president, respectively, of Buffalo Ventures. Summer Street is comprised of a 15-person investment team and four operating partners.

The firm was unavailable for comment at press time.