UK-focused private equity firm Elaghmore Partners has raised its debut fund, reaching a first and final close at £60m.
The fund was oversubscribed, attracting a mixture of US and European institutional investors, and will invest in UK-headquartered industrial businesses, including turnaround situations.
Elaghmore Fund I has made its first acquisition of SB Components, a supplier of bespoke components and adaptations for commercial vehicles.
The company employs 130 people and has sales of £17m, and is currently opening a new manufacturing facility.
Elaghmore Partners, led by David Manning, Andy Ducker and Greg Koral, has already completed 12 transactions on a deal-by-deal basis.
Seven of these have been realised, generating an average return on investment of 14x, and the remaining five will sit outside the portfolio.
Most recently, the firm exited Chaucer Food Group to Japanese freeze-dried food manufacturer Nagatanien in a transaction which produced an “outstanding return on investment”.
Elaghmore Partners was advised in its fundraising by Rede Partners.