Bayside Capital Holds $500 Million Closing on Opportunity Fund
June 15, 2004 – Bayside Capital, an affiliate of Miami-based private equity firm H.I.G. Capital, announced today that it has successfully raised Bayside Opportunity Fund, L.P. (the “Fund”), a special situations fund focused on distressed transactions. The Fund held its first and final closing on June 2, 2004, with aggregate commitments totaling $500 Million, substantially exceeding its stated target of $400 Million.
Bayside Opportunity Fund, L.P. was created to invest in lower middle-market companies (Total Enterprise Value of $50 – $300 Million) which are financially or operationally challenged. It will have a broad investment mandate including the ability to provide liquidity to troubled companies and to acquire the debt obligations of such companies. Bayside Capital will focus on transactions where it is able to use the operating expertise of its principals to restructure and significantly improve the performance of its portfolio companies, according to Sami Mnaymneh and Tony Tamer, co-founders and Managing Partners of H.I.G. Capital.
With respect to Bayside, Mr. Mnaymneh commented: “We are very pleased to add Bayside to our family of funds. It significantly broadens our capabilities and at the same time underscores our commitment to the middle-market, as we will now be able to offer our target companies the widest possible range of financing options and alternatives to best meet their needs, regardless of their circumstances or financial condition.” Mr. Tamer added: “The ability to restructure the finances and improve the operating performance of businesses has always been a hallmark of H.I.G. As such, Bayside really plays to the strength of our organization. We are ideally positioned to quickly respond to the needs of company owners and lenders alike, bringing to bear on difficult situations not just our expertise, but significant capital resources as well.”
About H.I.G. Capital
H.I.G. Capital is a leading private equity and venture capital investment firm with more than $1.5 Billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses, and in promising early-stage technology companies. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has completed in excess of 70 transactions. The firm currently manages a portfolio of more than 40 companies with combined revenues in excess of $5 Billion.
For more information, please contact:
Sami Mnaymneh or Tony Tamer
1001 Brickell Bay Drive, 27th Floor
Miami, FL 33131