Unquote

Beechbrook holds €110m second close for Mezzanine II

  • Kenny Wastell
  • Kenny Wastell
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Northern European investor Beechbrook Capital has held the second close of its Beechbrook Mezzanine II fund on €110m.

The fund was announced in December 2012 with a target of €100-120m and held its first close in May last year on €67m.

The investor expects the fund to hold its final close later this month. At the time of its launch, the vehicle was expected to close halfway through 2013.

Beechbrook has also announced investments from its second fund to support the buyouts of UK-based Italian restaurant chain Gusto and clothing company Americana, which owns the Bench brand.

The announcements coincide with the appointments of David Deregowski and Adam Moore as associates. Beechbrook expects to further add to its team later this year.

The investor's previous vehicle, Beechbrook Mezzanine I, which was launched in September 2008 according to unquote" data, raised around €100m.

Investors
When it announced its first close, Beechbrook Mezzanine II had received backing from six institutional investors including the European Investment Fund and the UK Department of Business, Innovation and Skills. Two new institutional investors have since committed to the fund, with three existing investors increasing their commitments.

Investments
The vehicle focuses on investments in companies with an enterprise value of €10-100m across a range of industries in the UK and northern Europe. In addition to its latest investments, the vehicle has provided capital for three other businesses, including support services business Simply Biz and sub-sea infrastructure services provider N-Sea. When the vehicle was launched it had a projected investment period of three years.

People
Beechbrook was co-founded by Nick Fenn and Paul Shea, who head the investment team.

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