North Castle Partners has closed its sixth private equity fund, with $300 million in investor commitments raised in about six months.
The Greenwich, Connecticut, PE firm has made two investments from the North Castle Partners VI LP fund so far, both earlier in 2016: in JTL Enterprises, doing business as HydroMassage, which sells automated dry massage beds and lounge chairs powered by jets of hot water to fitness centers, chiropractors, hotels and spas; and in SLT Group LLC, doing business as Strengthen, Lengthen and Tone—a boutique fitness studio operator.
North Castle targets middle-market consumer businesses promoting “healthy, active and sustainable living,” including fitness, nutrition, consumer health, home and leisure, and beauty and personal care businesses. Brands in its portfolio include Curves International/Jenny Craig, Barry’s Bootcamp, Ibex Outdoor Clothing, Naked Juice Company and Flatout Flatbread. The firm recently agreed to sell elliptical fitness machines maker Octane Fitness LLC, which it acquired in 2005, to Nautilus Inc. (NYSE: NLS) for $115 million.
Other recent middle-market PE funds raised of note have included CenterOak Partners’ first fund, with $420 million to target industrial, business services and consumer businesses; OpenGate Capital’s first fund, with $305 million to invest in lower-middle-market companies and cross-border and corporate carve-out opportunities; Origami Capital Partners’s third fund, at $371 million, targeting illiquid assets in complex legal structures or difficult ownership situations; and TPG’s $10.5 billion fund aimed at North American and European opportunities.