Trilantic Capital Partners will sell its minority stake in custom food ingredient company Fortitech to Euronext-listed Royal DSM in a transaction that values Fortitech at $634 million.
Fortitech produces nutrients for the food and beverage, infant nutrition and dietary supplement sectors. Trilantic invested in the company in September 2010, investing from its $2.6 billion fourth fund, a 2007 vintage. The sale is expected to close before the end of 2012.
Trilantic declined to comment.
The exit comes as Trilantic seeks $2 billion for its fifth flagship fund. Fund V had raised at least $923 million as of 10 August, according to documents filed with the US Securities and Exchange Commission. The fund has a $3 billion hard-cap and will invest primarily in high growth mid-market companies in the consumer, financial services, business services and energy sectors, according to Pennsylvania Public School Employees’ Retirement System documents. The fund will invest between $50 million and $200 million in equity per deal and will provide co-investment opportunities to limited partners.
PSERS’ Board of Trustees approved a commitment of up to $100 million to the fund in April.
Fund V is the firm’s first independent vehicle since spinning out of Lehman Brothers Merchant Banking in 2009. Unlike Fund IV, Fund V will only invest in North American opportunities, according to PSERS documents.
Evercore Group and Barclays Bank are listed as associated broker/dealers on the fund’s SEC documents.
Trilantic is chaired by partners Charlie Ayres. The firm manages $3.8 billion of capital and maintains offices in New York, London, Guernsey and Luxembourg.