PRIVATE EQUITY VETERANS LAUNCH TURNOUT CAPITAL TO TARGET UNDERSERVED LOWER MIDDLE MARKET BUSINESSES
Innovative new firm to provide complete junior capital solutions to promising small, growing businesses across a range of growth sectors
CHICAGO, Illinois, (November 19, 2020) – A dynamic team of experienced private equity veterans announced the founding of Turnout Capital to capitalize on the underserved but vibrant lower middle market, providing a new source of capital to small, growing businesses that too often are overlooked by traditional private equity funds.
Founders Rob France, Andrew Simmons, Will Oberholtzer and Mike Lazarczyk bring over 55 collective years of experience investing in lower middle market businesses to the new firm, which will make both control and non-control investments in companies with $5mm to $50mm of revenue.
“We have a deep understanding of the lower middle market, and it’s been clear for some time that traditional private equity firms persistently underserve and underestimate these companies. By providing both subordinated debt and equity, Turnout Capital will provide much-needed access to patient capital for smaller, growing companies,” said Andrew Simmons.
“As a former portfolio company CEO, I have worked professionally with the Turnout team and have known them for over ten years,” said Randy Cimorelli, the former CEO of Mac & Massey, an Atlanta-based food ingredient distribution and brokerage business. “They bring a deep experience base and, in my direct experience, a highly supportive approach to working with the portfolio management teams and businesses. I expect them to have continued success investing and building businesses in the lower middle market.”
Turnout Capital will provide a complete junior capital solution to companies in the business services, manufacturing and distribution/logistics categories. Within these broad categories, Turnout Capital will pursue investments in companies in sub-sectors including but not limited to food processing and food ingredients; testing, inspection and certification; and specialty treatments and coatings. Please visit us at www.turnoutcapital.com or follow us on LinkedIn for our latest updates.
Turnout Capital Management, LLC is a Chicago-based private equity firm focused on control and non-control transactions for companies with $5-50 million of revenue.We are committed to approaching each investment opportunity with the appropriate mix of humility and relevant experience. We prefer candor and believe in straightforward communications. We are an excellent partner to management teams and good stewards of our businesses. Find out more at www.turnoutcapital.com.