Editor’s note: Local Tech Wire features a profile of an investment or venture capital firm each day. Matthew Burns, Worth Civils and Daniel Pearson compiled the series. The name may have changed but the clout of Wachovia Capital Partners as one of North Carolina’s largest private equity funds hasn’t since the former First Union bank founded the firm in 1988.
Since its inception, the firm has invested more than $2.6 billion in a variety of sectors nationwide, and its banking parent has committed another $1.5 billion for future investments.
Wachovia Capital and its predecessors have done more than 100 deals in the last five years. Among its technology investments are Novient, FacilityPro.com, RedCelsius, all of the Atlanta area, and Charlotte-based YouCentric.
Its telecommunications deals include Socom Communications of Charlotte and New South Communications of Greenville, S.C.
Cary-based A4 Health Systems is indicative of its investments in health care.
The firm’s transactions range from $2 million funding rounds for start-up companies to $75 million financings of leveraged buyouts or corporate recapitalizations. In both situations, Wachovia Capital looks for strong management teams to carry out a vision for the company as well as good cash flows and promising growth opportunities.
Here’s the skinny:
Featured Firm: Wachovia Capital Partners
Mailing address: 301 S. College St., 12th Floor, Charlotte, NC 28288
Phone number: (704) 383-0000
Web site:
www.wachoviacapitalpartners.com
Management Team:
Scott Perper
Ted Gardner
Focus of firm:Private equity investments in the following industries: media and communications, health care, growth industrial and business services, financial services,
energy and technology.
Size of current fund: $1.5 billion
Money under management: $2.5 billion
Companies funded over the last five years: More than 100
companies, including:
A4 Health Systems Inc.
Agilera Inc.
Belenos Inc
BullsEye Telecom
CapitalSource Holdings LLC
DATEK
Event Zero Inc.
FacilityPro.com
Inflow Inc.
LifeCare.com
ManagedStorage International Inc.
MedCap Properties LLC
Mutual Risk Management Ltd.
OneSecure Inc.
Pliant Corp.
RedCelsius Inc.
TRADOS Corp.
Vaultus Inc.
How many new deals do you expect to fund in 2002: 10
In what size range: $10 million to $50 million
Sweet Spot (types of deals, stage of the company): $30 million; buyout or growth equity; invest in a broad spectrum of situations from young emerging-growth companies to mature free cash flowing entities.
Most important attributes for companies seeking funding: Cash flow positive; quality management teams that have a strategic vision for their business as well as the operating expertise to implement their strategies; other private equity investors in growth-oriented companies.
What differentiates you: We provide flexible capital to companies that meet our criteria. In addition, we are committed to acting with the highest integrity and giving quality strategic advice.
Wednesday’s profile: Bluepoint
