Astara Capital Partners has closed its inaugural fund, Astara Capital Partners Fund I LP, with $312 million of committed capital.
Astara’s new fund exceeded its $250 million target and closed at its hard cap. With the closing of Fund I, Astara now manages over $400 million of capital commitments.
Astara invests from $10 million to $100 million in North America-based companies that have more than $40 million of revenue and have enterprise values up to $250 million. Sectors of interest include packaging and converting, food, building products, forest products, and industrial manufacturing, distribution, and services.
Fund I has already closed on two platform investments. In January 2023, Astara acquired Wyandot Snacks, a contract manufacturer of grain-based snack foods and cereals. Wyandot’s main products include corn and tortilla chips; corn puffs and curls; and air and kettle-popped ready-to-eat popcorn. The company’s capabilities include product ideation through development, commercialization, processing and packaging. Wyandot operates a 250,000 sq. ft. manufacturing, warehousing, and headquarters facility in Marion, Ohio, and it maintains an additional 130,000 sq. ft. offsite warehouse for repackaging and product consolidation.
Astara’s first Fund I investment was the November 2022 buy of Del-Air Heating and Air Conditioning, a Florida-based provider of residential and light commercial HVAC, plumbing, and electrical services.
“We are incredibly grateful for the tremendous support we have received from the limited partner community,” said Michael Ranson, founder and managing partner of Astara. “Our investor base is global and includes a diverse range of endowments, foundations, pension funds, family offices, fund of funds, and insurance companies. We look forward to delivering on the trust and confidence our investors have placed in us and our disciplined strategy.”
M2O Private Fund Advisors was the placement agent for the raising of Fund I and Robinson Bradshaw provided legal services.
Astara was founded in 2020 and is headquartered in New York City.
© 2023 Private Equity Professional | September 12, 2023
