Milwaukee-based private equity firm Generation Growth Capital Inc. (GGC) has closed a second fund. The sponsor intends to Generation Growth Capital Fund II LP to make investments up to $10 million in equity per transaction. GGC specializes in specific sectors and regions, including manufacturing and distribution businesses located throughout the Midwest.
So far, the private equity firm has facilitated two deals through Fund II. In January 2012, GGC purchased Midway Industrial Supply Inc., a St. Paul, Minn., provider of industrial fluid-handling and spray-finishing equipment (pictured). The firm followed up in April 2012 with the acquisition of Tri Aerospace LLC, a Terre Haute, Ind. maker of machined components for airplane engines.
According to a June 26 filing with the U.S. Securities and Exchange Commission, Generation Growth raised $34.3 million for Fund II, roughly a third of its target fund size of $100 million.
According to the firm, all of Generation Growth’s investors who made capital commitments to Fund I, returned for Fund II. Among the 15 investors — insurance companies, banks, foundations, corporations and high-net-worth individuals — are Chicago-based BMO Harris Bank NA, the Helen
Bader Foundation, Northwestern Mutual Life Insurance Co. Inc., Robert W. Baird & Co., State of Wisconsin and Wisconsin Energy Foundation.