Great Range Capital has held a final close of Great Range Capital Fund III LP at its hard cap with $250 million of limited partner commitments.
Great Range invests in Midwest-based companies that have revenues ranging from $20 million to $150 million and at least $3 million of EBITDA. Sectors of interest include niche manufacturing, business and industrial services, consumer and retail, and healthcare services.
Fund III has not closed on any investments yet, but two recent Fund II transactions were the buys of America’s Best Carpet & Tile, a Memphis-headquartered provider of installation, cleaning, and repair services to commercial and residential customers, with a primary focus on single family and multifamily rental properties (March 2023);
and Roofed Right America, a Milwaukee-headquartered provider of commercial roofing contractor services specializing in re-roofing and maintenance and repair services throughout the Central and Eastern United States (April 2023).
“Our investors include highly respected pension funds, insurance companies, endowments, foundations, fund of funds, family offices, and high-net-worth individuals who appreciate our focus on the lower middle market in the Midwest,” said Ryan Sprott, a managing partner at Great Range. “We aspire to be a preferred partner for Midwestern business owners and management teams and look forward to continuing to invest in and support the growth of Midwestern companies.”
Prior to co-founding Great Range Capital in 2010, Mr. Sprott was a managing director and partner of DLJ Merchant Banking Partners, the private equity division of Credit Suisse, in New York. DLJMBP was focused on middle market buyouts and growth capital and invested more than $10 billion of private equity capital. Mr. Sprott also worked with DLJ Growth Capital Partners, the lower middle-market fund within Credit Suisse’s merchant banking group.
“Strong support from both new and existing investors allowed us to finish fundraising in less than a year despite a challenging environment,” added Paul Maxwell, a managing partner at Great Range.”
Prior to co-founding Great Range Capital in 2010, Mr. Maxwell was a principal at Monitor Clipper Partners, a Boston-based middle market private equity firm that was affiliated with the strategic consulting firm Monitor Group. Before joining Monitor Clipper, he worked with private equity firm Fenway Partners in New York. While with Monitor Clipper and Fenway, Paul was responsible for originating and executing transactions in the healthcare, business services, consumer, and manufacturing industries, among others. In addition, Paul worked extensively with portfolio companies on operational improvements, financings, acquisitions, and divestitures.
Great Range is headquartered near Kansas City in Mission Woods, Kansas.
© 2023 Private Equity Professional | November 10, 2023
