Elaghmore I closes £30m extension

Katharine Hidalgo
13 October 2020

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Elaghmore Partners has held a final close for a ТЃ30m extension to its Elaghmore Fund I.

In July 2020, a source close to the situation told Unquote that Elaghmore had chosen not to raise a new fund, but rather raise for an extension to its existing fund. The firm expected to close the fundraising towards the end of Q3 2020.

Elaghmore I held its final close on £60m in December 2019 and was 55% deployed as of August 2019. Rede Partners acted as placement agent for the original fund, though it is unclear if it provided advice on the extension.

Investors
Investors in the extension are all US-based institutions, according to a statement.

LPs in the original fundraise included Alfred I Dupont Trust with a commitment of €15m and Schroder Adveq with a commitment of €13.6m, according to Unquote Data. Original commitments were mainly raised from institutional investors across the UK and US, primarily consisting of US endowments, US foundations and European funds-of-funds, according to a spokesperson.

Investments
To date, Elaghmore I has made nine acquisitions, groups of which, have been merged into three distinct businesses: specialist manufacturing business Total Vehicle Solutions Group, consisting of SB Components, Priden Engineering, and McPhee Mixers; architectural glazing manufacturer Alucraft & EAG, consisting of Alucraft and English Architectural Glazing; and branding company the Hexcite Group, which consists of Blaze Signs, Gardners, Kesslers International and Hexcite Group.

The firm has a pipeline of opportunities. It plans to make investments in new companies as well as in the inorganic growth of its existing portfolio.

People
Elaghmore Partners – Andy Ducker (co-founder).