Niche manufacturing PE fund Crossplane raises $275m

Dallas-based private equity firm Crossplane Capital announced the final closing for its inaugural fund, Crossplane Capital Fund LP at its hard cap of $275 million. The firm is focused on control investments in niche manufacturing, value-added distribution and industrial business services companies. Partners Brian Hegi and Ben Eakes and Managing Partner Mike Sullivan and Operation Partner Ingrid West founded Crossplane two years ago. The aim is to find companies with $15 million of EBITDA that are either family owned and seeking a partner or involved in a complex situation. "We are very appreciative of our top-notch and diverse investor base," said Hegi. "Our highly respected early investors, seeded portfolio, hands-on and collaborative approach and experienced, cross-functional team led to significant investor interest above our $250 million target for our debut fund." There have been three platform acquisitions so far – The Accent Family of Companies (September 2019), TransAxle (December 2019) and Griffin Dewatering (November 2020). From the initial four-person leadership team, the firm now has an 11-strong team with deep experience as senior executives, operational improvement consultants, strategy consultants, restructuring advisors and private equity investors. Two new hires were announced at the time of the fund closing. Greg Balliro has been named principal and Patrick Lynch as associate to boost the team’s “transaction execution and value creation implementation capabilities”. Balliro was a principal at Prophet Equity, where he executed new acquisitions and worked closely with management teams to improve operations and implement growth initiatives prior to joining Crossplane. Lynch joined from Atlanta-based investment bank Bowstring Advisors and is responsible for performing transaction due diligence and working with management teams to support strategic and operational improvement projects. Crossplane is excited to add someone with Balliro’s “horsepower” to the team, said Sullivan. “The addition of Patrick comes at the perfect time as we execute on a strong pipeline of transaction opportunities,” Sullivan added. Eaton Partners acted as the exclusive placement agent for the fund, while Akin Gump Strauss Hauer & Feld acted as fund counsel for Crossplane.

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