AUA Beats Fund II Target

AUA Private Equity Partners has held a final and oversubscribed closing of AUA Private Equity Fund II LP with total capital commitments of $310 million.

AUA’s new fund beat its initial target of $300 million and its new and existing limited partners include pension funds, foundations, family offices, fund of funds, and high net worth individuals.

“It is with great pride and much appreciation that we announce our oversubscribed final closing for Fund II,” said Andy Unanue, the managing partner of AUA. “We are privileged to have such high-quality partners who support our investment strategy and who continue to view us as stewards of their capital. Our partners appreciate our early adoption of ESG initiatives and commitment to diversity across our management teams and boards as well as our operational expertise that allows us to deliver positive returns to investors while creating value for our owners and partners.”

AUA Private Equity makes equity investments from $20 million to $75 million in companies with at least $5 million of EBITDA. Sectors of interest include consumer products and services with a focus on family-owned and Hispanic-oriented businesses. AUA is known for using low leverage to acquire companies and focusing on operational improvements rather than financial engineering to create stakeholder value.

“The success of our fundraising efforts is a testament to the hard work of our investment team in sourcing and executing on quality investments and creating value for all stakeholders,” said Steven Flyer, a partner at AUA. “We greatly appreciate the support of our limited partners and look forward to deploying capital in our targeted investment strategy while continuing to focus on operational improvements in delivering strong financial results.”

Fund II has already acquired four platform investments including TruFood, a Pittsburgh-based contract manufacturer of branded and private label nutrition bars, protein bars, chocolate moulded products, and baked goods that are sold at club, grocery, drug, convenience, and department stores (June 2019); and Gourmet Culinary Partners (GCP), a manufacturer of specialty prepared foods including appetizers, breakfast foods, entrees, side dishes and soups servicing retail, restaurants, hospitality and schools. AUA formed GCP in March 2019 as a platform to acquire US-based premium specialty food manufacturers serving the foodservice and retail sectors. To date, GCP has closed five add-on acquisitions.

AUA’s most recent platforms include Westminster Pet Products, a Rhode Island-based developer and marketer of private label and branded pet treats, chews, and supplies (September 2020); and Bistro MD, a Florida-based direct-to-consumer and subscription-based provider of ready-to-eat, gourmet meals, specifically designed for weight loss and long-term weight management (March 2021).

“AUA Private Equity has built a strong reputation of partnering with family-owned companies and Hispanic-oriented businesses to build leading consumer companies,” said David Benyaminy, a partner at AUA. “We will look to continue to support entrepreneurs and family businesses as we successfully deploy Fund II and assist our management teams and owners in building great companies.”

New York City-based AUA was founded by Mr. Unanue, Mr. Flyer, Mr. Benyaminy and Managing Director Kyce Chihi in 2011.

Latham & Watkins provided legal services to AUA for this fundraise. The Latham & Watkins team was led by Barton Clark and Daniel Cote.

© 2021 Private Equity Professional | May 4, 2021