Essling Capital Closes its Second Co-investment Fund, Above Initial Target

One year after the final close of its first co-investment vehicle, Essling Capital has secured more than €115m for its second co-investment fund, Essling Co-Invest 2 (“ECI 2”).

ECI 2 distinguishes itself from its competitors: fund life span is significantly reduced to 5 or 6 years, thanks to a shorter investment period (12 months). The fund targets to invest through 4 to 8 minority acquisitions, with broad diversification across sectors and geographies, and with €10m to €30m invested by deal.

Being raised since September, the fund has already deployed c.40% of its commitments to finance 3 deals:

  • A $17.5m stake in a U.S. dental care company in December.
  • In January, a €15m stake in Crouzet alongside LBO France. Crouzet is a French company which designs and manufactures automation components and internationally well-known for its technical expertise and its products’ reliability.
  • A €13m investment in Kiloutou alongside HLD Group in February. Kiloutou is a European leading company offering industrial and construction equipment rental services.

Michele Mezzarobba, CIO and CEO of Essling Capital, says: ‘‘ECI 2 consists of new and existing investors. The fund was endorsed by our long-lasting investors who did not hesitate to trust us once again. We have also welcomed some new institutional investors who are eager to commit with us in the long run. In order to meet increasing demand, our hard cap, initially positioned at €100m, has been raised. In parallel with our global and multi-sectoral approach, we maintain more than ever an extremely selective investment process. Therefore, since September, we have evaluated about 80 deals for 3 investments.’’

Source: Essling Capital press release

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