LongWater Opportunities Announces First Close of LWO Fund III, LP
LONGWATER OPPORTUNITIES ANNOUNCES FIRST CLOSE OF LWO FUND III, LP
LongWater Opportunities (LWO), a private equity firm based in Dallas, TX and Fargo, ND, announced the first closing of its third fund, LWO Fund III, LP, a $100 million fund. With $53 million committed in the first closing, LWO has received strong support from existing and new investors, including a diverse group of individuals, prominent family offices, and institutions. As was the case in its previous fund, the LWO team will continue to be the largest investor in the fund.
Founded in 2009, LongWater is led by its founding partners Jordan Bastable and Brooks Burgum and their highly experienced team of investment professionals and operators. Mr. Burgum stated, “LongWater is fortunate to have attracted such a strong team that has worked together for many years to consistently produce outsized returns for our investors. We are appreciative of the support provided to us by our limited partners throughout the challenges brought about by the COVID-19 pandemic, and we are excited about the significant momentum that continues to build at LongWater.”
LongWater’s last fund, LWO Fund II, LP, is a $50 million fund that includes seven investments across five platforms centered around family-owned, US-based manufacturing businesses. LongWater’s first fund, LWO Fund I, LP, which followed the same strategy as its second and third funds, has been fully realized.
LWO Fund III, LP will expand upon LongWater’s proven strategy of partnering with US-based, family-owned manufacturing and specialty distribution businesses with revenues between $20 million – $50 million and EBITDA between $3 million – $8 million. The firm has executed a Letter of Intent and is currently performing confirmatory due diligence on its first investment in LWO Fund III, LP. “I couldn’t be prouder of our team and what they have done to support and grow American manufacturing businesses. I look forward to our continued investment in this great country,” Mr. Bastable said.
About LongWater Opportunities
LongWater is an operationally-focused private investment firm headquartered in Dallas, TX with an office in Fargo, ND that targets control buyout equity investments in lower middle market, US-based manufacturing and specialty distribution companies. We believe in mutually aligned interests and investing patient capital to build successful American manufacturing businesses with long-term, sustainable competitive advantages. We also believe it is important to leave a positive and lasting impact on our employees and communities. We look for opportunities to partner with founding families and owner-operators of differentiated companies with compelling growth prospects who are looking for hands-on support as well as capital to fund organic growth initiatives and add-on acquisitions. Our team of investment professionals has extensive experience investing in and operating companies in the lower middle market and has a proven track record across multiple industries and end markets.