Pamlico Capital III is the first fund raised after the spin-out from Wells Fargo in 2010. In October 2013, Pamlico Capital closed Fund III at $650 million, well-exceeding the original goal of $500 million. In March 2010, the firm completed a spinout from Wells Fargo. The firm invested both as the lead investor or an equity co-investor alongside other financial sponsors.ĭuring the financial crisis of 2008, the firm's parent, Wachovia was acquired by Wells Fargo, which had an existing private equity platform, Norwest Equity Partners. Īs a captive private equity investment arm, the firm focused on growth capital, leveraged buyout and mezzanine capital investments in middle-market companies across a range of industries. Stevens all of whom remain with the firm to date. Watts Hamrick, among the original partners at conception of First Union Capital Partners, were named Managing Partners of the firm alongside Scott Perper, Chief Financial Officer Tracey M. The firm changed its name to Wachovia Capital Partners following the merger of First Union and Wachovia in 2001, under Managing Partners Scott Perper, currently serving as Head of Pamlico Capital, and Ted Gardner. Spinout from Wells Fargo Wachovia Capital Partners logoįounded as First Union Capital Partners in 1988, the firm served as the private equity investment arm of First Union, a commercial bank based in Charlotte. The firm is named for the Pamlico Sound, which is located in North Carolina.Īmong the firm's notable investments are Daxko, Dexter & Chaney, Lightower Fiber Networks, MetaMetrics, Secure-24, Service Express, symplr, TMW Systems and Wilcon. The firm has invested approximately $3.8 billion in more than 200 companies since inception across two funds. The firm, which is based in Charlotte, North Carolina, was founded in 1988 as the private equity investment arm of First Union Corporation. Pamlico Capital, which was formerly called First Union Capital Partners and then Wachovia Capital Partners, is an independent private equity firm focused on growth capital and leveraged buyout investments in middle-market companies in the business services, technology services, telecommunications and healthcare industries.
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