CenterOak Partners Hits Hard Cap with $420 Million CenterOak Fund I
- Oversubscribed First Fund Focuses on Industrial Growth, Consumer and Business Services
CenterOak Partners LLC ("CenterOak"), a Dallas-based private equity firm focused on making control-oriented investments in middle market companies, today announced the final close of CenterOak Equity Fund I, L.P. ("Fund"), with total commitments at the Fund's hard cap of $420 million. The significantly oversubscribed fund had an initial target of $350 million. The Fund's limited partners comprise an array of leading endowments, foundations and other institutional investors.
CenterOak was established by Randall Fojtasek, former Co-Founder and Co-Chief Executive Officer of Brazos Private Equity Partners, LLC. Mr. Fojtasek was joined by former Brazos senior executives Michael Salim, Lucas Cutler, Jason Sutherland and William Henry. The five have worked together for nearly 15 years and have more than 110 years of combined experience in creating significant value through operational improvements in middle market companies throughout the United States.
"We are very pleased to complete this fund raise," said Mr. Fojtasek, Managing Partner of CenterOak. "We credit our fundraising success to our track record, focused investment strategy, and experienced and stable team. We will continue our proven approach of finding companies with attractive characteristics, building strong relationships with management teams and operating executives to create value. We thank our limited partners for their support and commitment to our firm."
With a focus on the core sectors of industrial growth, consumer and business services, CenterOak targets investments of $20-$90 million of equity capital in businesses with enterprise values of $50-$250 million that have high potential for long-term growth. The firm pursues buyouts and recapitalizations of closely-held or family-owned businesses, non-core subsidiaries of larger public or private companies, and buy-and-build opportunities with proven executives. CenterOak's senior leaders and their predecessor funds have managed over $1.8 billion of equity capital commitments and have completed nearly 100 acquisitions representing over $3 billion in transaction value.
In February 2016, CenterOak completed the acquisition of Cascade Windows, Inc., a leading manufacturer of vinyl windows and doors serving the Western U.S. In addition, the CenterOak Team has led portfolio investments in BlackHawk Industrial; Cheddar's Casual Café; Eberle Design; Ennis Paint; Flint Trading; Lone Star Overnight; ORS Nasco; Rennhack Marketing Services; Southern Tide; Strategic Equipment and Supply; and Tri-Northern Security Distribution.
Credit Suisse Private Fund Group acted as placement agent to CenterOak Fund I.
About CenterOak Partners LLC
CenterOak Partners LLC is a private equity firm with a focus on making control-oriented investments in middle market companies organized or operating in the U.S. The Firm specializes in three key industry sectors: Industrial Growth, Consumer, and Business Services. Based in Dallas, Texas, the investment and portfolio management team has a strong historical track record of creating significant value through operational improvement in middle market companies across the U.S. CenterOak's senior leaders and their predecessor funds have managed over $1.8 billion of equity capital commitments and have completed nearly 100 acquisitions representing over $3 billion in transaction value. For additional information, please visit www.centeroakpartners.com.