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Sun Capital scores 10x return on Cornerstone exit as fundraising continues

30 Apr 2014

sun sunset solar beach holiday seaSun Capital Partners has reported scored another impressive exit as it continues its latest fundraise by making a 10-times return selling Cornerstone Research & Development.

The firm said it sold Cornerstone to Integrity Neutraceuticals, with a source telling peHUB the exit had netted Sun an IRR of more than 330 per cent.

Sun bought nutrition business Cornerstone through a $27.7m deal almost exactly two years ago.

The firm is currently looking for strong exits as it attempts to boost fundraising for its latest flagship vehicle, which had raised just over half of its $3bn target for its latest fund in mid-October 2013.

The firm had initially hoped to close the vehicle before the end of last year.

It was buoyed in December through its agreement to sell Captain D’s Seafood Restaurant to mid-market firm Centre Partners in a deal reported to make it eight-times its initial investment.

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