Marwit Capital Partners II, L.P. Announces Second Close and
Completion of Second Portfolio Investment
Newport Beach, CA – Marwit Capital announced that it completed a second close for Marwit Capital Partners II, L.P. bringing total fund assets to $90 million. Investors in the second round included several institutional investors led by the Banc of America California Community Venture Fund, LLC ("BACCVF") and the CalSTRS/Banc of America Capital Access Fund, LLC ("CBACAF") which collectively committed $15 million. BACCVF and CBACAF are fund of fund vehicles managed by Banc of America Capital Access Funds on behalf the California Public Employees' Retirement System (CalPERS), the California State Teachers' Retirement System (CalSTRS), and Bank of America. Other investors included the Meadows Foundation, The Lincoln National Life Insurance Company, Hawn Foundation, Poetic License Partners L.P., and Granville Private Equity Partners, L.P.
“We are delighted to have completed our second close with such a noteworthy group of partners. We continue to have a strong pipeline of potential deals for micro-cap lower middle market investments in California and the Western U.S.,” commented Matthew Witte, Managing Partner. The first close occurred in March 2006 and included substantially all of the limited partners in Marwit’s first fund. The final close of the Fund is anticipated to occur later this year with a target of $175 million.
Second Portfolio Investment
Marwit Capital Partners II, L.P. also announced it has completed its second portfolio company investment. On June 23 2006, Marwit completed a recapitalization of Promax Nutrition Corporation (Concord, CA), partnering with the founder Mike Walls and San Francisco based Partnership Capital Growth Fund I, L.P., a leading investor in healthy/active living businesses. The Company (www.promaxbar.com) develops and markets high protein nutrition bars and related nutritional food products that are sold primarily into the food, drug and mass, specialty retail, fitness club, and health food distribution markets. The company’s customers include Trader Joe’s, General Nutrition Centers (GNC), Ralphs Grocery, Longs Drugs and 24 Hour Fitness. “Promax was seeking an investment partner that could provide both capital and expertise to enable the company to aggressively pursue the growth opportunities available to the company in the burgeoning nutritional products market” said Chris Britt, Managing Partner. “We believe Promax is a gem of a business and are very excited about our partnership with Mike and PCG,” added Britt.
Pending Portfolio Investment
Marwit Capital anticipates that it will complete its third portfolio investment for MCP II in July 2006. The company also operates in a healthy foods segment of the food processing industry, is based in California, and has been operating under the same ownership for the past 60 years. Following this third investment, MCP II will have invested approximately 20% of the current capital raised, with another 20% being held in reserve for follow on investments to grow these first three businesses.
About Marwit Capital
Marwit Capital is one of the oldest and most experienced private equity firms in the U.S. Founded in 1962, Marwit’s investment focus is on “micro-cap” lower middle market companies based in California and the Western U.S., with revenues of $10 to $100 million and enterprise values of less than $50 million. Common transactions include management buyouts, traditional buyouts in partnership with experienced industry executives, recapitalizations, and later stage growth investments. Since 1994, Marwit has completed 26 buyout and growth investments in partnership with proven entrepreneurs and operating managers. For more information, please visit www.marwit.com.
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Carol Farrell
Marwit Capital
949-861-3636
cfarrell@marwit.com