ATLANTA … Peachtree Equity Partners, an investment firm spun off from the private equity portfolio of Wachovia, has closed on its initial $110 million fund.
Peachtree will make investments of $5 million to $15 million in middle-market companies primarily in the Southeast. It prefers profitable companies with between $20 million and $200 million in revenue and 5 to 15 percent annual growth, and it doesn’t seek controlling interest in its portfolio companies.
The firm is managed by Larry DeAngelo, Matthew J. Sullivan, B. Andrew Rose and David N. Christopher. DeAngelo and Sullivan founded and managed the private equity investment business of Wachovia in 1996 and decided to buy their portfolio and strike out on their own following Wachovia’s merger with First Union last year.
The funding for the buyout was provided by the GS Vintage Funds, a series of investment partnerships managed by Goldman Sachs & Co.’s Private Equity Group.