Wind Point Partners and Neuberger Berman Private Equity Close Continuation Vehicle
New York and Chicago, October 1, 2018 – Wind Point Partners, a leading Chicago-based private equity firm focused on middle-market businesses in North America, and funds advised by Neuberger Berman, a private, independent, employee-owned investment manager, today announced the successful closing of Wind Point Partners CV1, L.P. (“Wind Point CV1”). Wind Point CV1 was formed as a continuation fund to acquire two of the remaining portfolio companies, RailWorks Corporation and Ascensus Specialties, owned by Wind Point Partners VI, L.P. (together with its affiliated funds, “Wind Point VI”), a 2006 vintage fund with $715 million of original capital commitments. The new partnership will provide additional time and access to capital to support the continued growth of these two companies, while offering investors in Wind Point VI several options to choose from, including accelerated liquidity or continued investment.
Nathan Brown, Managing Director of Wind Point Partners, said, “We are very pleased to be partnering with an alternatives platform like Neuberger Berman. Our goal was to pursue a transparent and competitive process to provide our investors with attractive options for accelerated liquidity or continued investment, while also providing our portfolio companies and management teams with additional support. We believe this transaction represents a strong outcome for all stakeholders.” Alex Washington, Managing Director of Wind Point Partners, added, “We are confident that with the benefit of extended duration and additional capital availability, these two companies and their management teams will have the opportunity to reach their full potential and create significant additional value over the next few years for both new and continuing investors.”
Tristram Perkins, Managing Director and Co-head of Neuberger Berman’s secondary investing group, said, “On behalf of our investors, we are pleased to complete this fully underwritten transaction. We have been impressed with Wind Point Partners’ investment approach and look forward to our partnership with the Wind Point team and having the opportunity to participate in the development of these two businesses.” Ben Perl, Managing Director of Neuberger Berman, added, “This transaction is designed to meet the needs of existing investors seeking liquidity as well as continuing and new investors. It is an excellent example of our solutions-oriented approach to complex transactions and demonstrates our ability to partner with established financial sponsors as they seek to manage the liquidity and duration concerns of their limited partners.”
Park Hill Group acted as financial advisor to Wind Point Partners and Kirkland & Ellis served as legal counsel to Wind Point Partners and Neuberger Berman.
About Wind Point Partners
Wind Point Partners is a leading Chicago-based private equity investment firm with approximately $2 billion in assets under management. Wind Point focuses on partnering with top-caliber management teams to acquire well-positioned middle market businesses where it can establish a clear path to value creation. The firm targets investments in the consumer products, industrial products, and business services sectors. Wind Point is currently investing out of Wind Point Partners VIII, a $985 million fund that was initiated in 2016. For more information, please visit www.windpointpartners.com.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 20 countries, Neuberger Berman’s team is more than 2,000 professionals. For four consecutive years, the company has been named first or second in Pensions & Investments’ Best Places to Work in Money Management survey (among those with 1,000 employees or more). Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $304 billion in client assets as of June 30, 2018. For more information, please visit our website at www.nb.com.