Gridiron Capital announced that RidgeLake Partners has made a passive, minority investment in the firm. RidgeLake, a strategic partnership between OA Private Capital and Apogem Capital, is a dedicated platform focused on acquiring non-control equity interests in middle market private equity firms.
The transaction is intended to provide Gridiron with long-term capital to support the ongoing growth of the platform, its portfolio company partnerships, and its investment strategies across branded consumer, B2B and B2C services, and niche industrial segments in the U.S. and Canada. There will be no change in Gridiron's investment process, day-to-day management, or operations of the firm as a result of this transaction.
"RidgeLake's investment and partnership with Gridiron will allow us to accelerate our growth and further drive strong returns for our partners. We are excited to have them as partners as we continue to build on our success," said Tom Burger, Managing Partner at Gridiron Capital.
"We've been working with RidgeLake's advisers for years, and they uniquely understand our team culture and differentiation in the middle market. We are well-aligned and share the same long-term vision for Gridiron. We look forward to leveraging their strategic resources and expanding our relationship even further through this partnership," added Kevin Jackson, Managing Partner at Gridiron.
"We believe that the expertise of Gridiron's team in its core industry thematic areas is exceptional and have the utmost respect for their culture of continuous improvement and Winning Together," said Todd Milligan, co-head of RidgeLake Partners.
"We are excited to join forces with Gridiron and help them grow their investment platform in the coming years," added Michael Lunt, co-head of RidgeLake Partners.
Gridiron recently completed fundraising for its fifth fund, raising $2.1 billion and exceeding its $1.8 billion target. Consistent with the firm's investment approach in prior funds, Fund V will seek control, equity investments in North America with a focus on partnering with experienced founders and management teams within Gridiron's targeted sectors with total enterprise values between $150 and $600+ million. Since the firm's inception, Gridiron has invested in over 185 companies, including 36 platform companies.
Evercore served as financial advisor, and Ropes & Gray LLP served as legal counsel to Gridiron. Gibson, Dunn & Crutcher LLP served as legal counsel to RidgeLake.