Listen to this articleTarget exceeded, fund oversubscribed – two phrases that every private equity firm wants to hear, particularly for a debut fund. New Orleans-based Carr’s Hill Capital Partners Management, LP announced the final closing of Carr’s Hill Fund I, LP (“Fund I”) at $210 million, with the oversubscribed fund exceeding the firm’s $175 million target.
Carr’s Hill Partners invests in family and founder-owned companies in the industrial and infrastructure service sectors. Fund I, raised in just nine months, will deploy capital into companies ranging from $5 million to $15 million of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization).
The local company was launched in 2019 by Founder & Managing Partner H. David de Lauréal – a former managing director for Bernhard Capital Partners. Carr’s Hill has grown into 10 team members, four active platform investments, and nine add-on acquisitions, with clients such as Pass Christian, Miss.-based Matthews Brothers Dredging; Atlanta and Baton Rouge-based SMART Safety Group; Atlanta-based Arrow Waste Inc.; and LaPorte, Texas-based AXIS Industries, among others.
The firm’s investment approach centers on partnering with entrepreneurial operators across the Gulf Coast’s ecosystem, targeting companies with “strong fundamentals and untapped potential in industries critical to the region’s and broader U.S. economy,” said de Lauréal in the press release announcement of the debut fund.
“The lower-middle market, especially throughout the Southeastern U.S., remains a very attractive segment of the market,” said de Lauréal. “We are grateful for the continued support of our investors and proud of the disciplined approach of our growing team at Carr’s Hill. Our inaugural raise positions us to accelerate our strategy of providing not just funding but strategic and operational support to build enduring businesses in the true lower-middle market.”
In addition to support from existing investors, Fund I received commitments from a new institutional investors, including endowments, insurance companies, fund-of-funds, asset managers, family offices, founders, and executives across North America. The Piper Sandler & Co. private capital advisory group, Aviditi Advisors, served as the exclusive placement agent for this fundraise, and Latham & Watkins LLP provided legal counsel.
(Except for the headline, this story has not been edited by PostX News and is published from a syndicated feed.)
