Press Release
Gridiron Capital completes $300 Million Closing on Debut Fund
Exceeds Target of $250 Million
NEW CANAAN, Conn., September, 2007 — Gridiron Capital, LLC (“Gridiron”), a private equity firm, has announced the successful closing of its debut fund with $300 million in total capital commitments with plans to acquire controlling interests in middle-market manufacturing, service, and specialty consumer companies in the United States and Canada.
This is the first fund raised by the firm’s principals under the Gridiron banner. Thomas A. Burger, Jr. and Eugene P. Conese, Jr. co-founded Gridiron in 2005 with the objective of combining the partners’ extensive backgrounds as entrepreneur owners and executives of nine prosperous businesses with successful private equity investment track records. They are joined by two other managing directors, Timothy W. Clark, formerly a senior investment banker, and Donald E. Cihak, who previously worked with Mr. Burger for seven years at Butler Capital Corporation.
“We are pleased with the successful completion of our debut fundraising effort,” said Mr. Burger. “Investors responded positively to our focused and disciplined investment approach of building businesses and creating value.”
“Our industry expertise and corporate relationships have enabled us to directly source targeted, high quality deal flow” added Mr. Conese. “We are excited about working with talented management teams and leveraging our operating capabilities to deliver improved business performance and strong returns for our investors.”
With an original capital raising target of $250 million, the fund was well received by investors. Gridiron successfully raised capital in Europe and North America with a cross section of leading limited partners, including insurance companies, pension funds, investment banks, fund of funds and high net worth individuals.
The fund has made three platform investments since its formation: PAS Technologies, Inc., which provides repair and overhaul solutions for the aerospace and industrial markets; McKenzie Sports Products, Inc., the premier designer and manufacturer of taxidermy forms and supplies used to mount trophies; and Ramsey Industries, Inc. which is comprised of two subsidiaries, (i) Auto Crane, the leading domestic producer of truck-mounted telescopic cranes, cranes service bodies and accessories, and (ii) Ramsey Winch, the leading producer of industrial and consumer winches to a diverse group of end-user markets. In addition, Gridiron has completed three add-on acquisitions for these portfolio companies.
Commencing in November 2006, Knight Capital Partners assisted with the fund raise for Gridiron. Prior to this, NovaFund Advisors, founded by Stuart Cozzens, Bryan Kelley and Michael Wallace, acted as agent before bringing the mandate to Knight. Knight Capital Partners, a division of Knight Capital Markets LLC, is a global placement agent with 12 professionals providing distribution in North America, Asia, Europe and the Middle East.
Ropes & Gray LLP acted as the Fund’s legal counsel.
About Gridiron Capital
Gridiron Capital, LLC, headquartered in New Canaan, Connecticut, is a private equity firm focused on creating value by acquiring and building middle-market manufacturing, service and specialty consumer companies in the United States and Canada. The firm’s principals have historically achieved superior investment returns by employing a combination of strategic, operating, and financial experience to provide portfolio companies with competitive advantages. Gridiron’s principals work closely with management teams to develop strategies for portfolio companies, as well as providing resources to execute business plans and build industry leading companies.
Gridiron Capital seeks control equity investments in manufacturing, service, and specialty consumer businesses with earnings before interest, taxes, depreciation and amortization (EBITDA) of $5 million to $25 million.