Local private equity firms raise funds, invest

By Becky Yerak
Posted April 13 at 5:26 p.m.

It has been a busy day for a couple of Chicago private equity firms.

Chicago-based buyout firm Waud Capital has closed its third fund, receiving $463 million in commitments from new and existing investors. Its initial goal was $350 million.

Investments in Waud’s second fund, a $315 million pool raised in 2005, include Elk Grove Village-based Aquion Water Treatment Products, which provides water and air filtration products to homes, and Chicago-based True Partners Consulting, a tax and business advisory firm.

Waud’s third fund will make equity investments ranging from $20 million to $100 million. Fundraising began 11 months ago.

Reeve Waud founded his namesake firm in 1993. He previously worked at GTCR, one of Chicago’s biggest private equity firms.

Also on Chicago’s private equity scene, Evanston-based Industrial Opportunity Partners said a portfolio company, Center Manufacturing Inc. of Grand Rapids, Mich., has bought Greenville, Miss.-based Moeller Products Co., a supplier to the diesel engine manufacturing industry. Terms weren’t disclosed, but senior and junior debt was provided by Capital One Leverage Finance Corp. and Patriot Capital, respectively.

Industrial Opportunity invests in companies with sales of $30 million to $350 million.

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