Franchise and multi-unit company-focused private equity house Princeton Equity has soared past its debut fundraising target to collect more than $350m at final close.
The firm beat its hard cap for Princeton Equity Partners I, which had a target of $250m.
Princeton was launched two years ago by Jim Waskovich and Doug Kennealey, who were at Summit Partners together at the beginning of their careers.
Both have close to 20 years of private equity experience, Waskovich at ABS Capital and Princeton Equity predecessor Princeton Ventures – which he founded in 2006 – and Kennealey at Silver Lake, Brazos Private Equity and MPK Equity Partners, which he co-founded.
The firm targets “high-growth, market-defining franchisors” and multi-unit businesses with $2m to over $20m of EBITDA.
Princeton recently closed two platform investments in Card My Yard, a franchisor of celebratory yard rental greetings, and Strickland Brothers, an operator and franchisor of drive-thru, 10-minute oil change and automotive maintenance service centers.
Aviditi Advisors served as exclusive placement agent for the Fund I raise. Kirkland & Ellis provided legal counsel to Princeton.
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Source: https://www.altassets.net/private-equity-news/by-pe-sector/buyout/veteran-private-equity-pair-beat-hard-cap-for-debut-princeton-equity-fund-with-350-plus-final-close.html
