The firm invested $5.7m in the form of mezzanine notes and $5.4m in common equity for the deal, which increased the number of radio stations in Connoisseur’s portfolio to 40.
Connecticut-based Balance Point targets investments in lower mid-market businesses, and has backed more than 75 companies since 1988.
It aims to back companies with EBITDA of between $2m and $20m, and typically invests $3m to $15m per transaction.
Managing partner Seth Alvord and senior vice president Rob Gibson led the financing effort for the Connoisseur deal.
Last week fellow lower mid-market mezzanine investor Centerfield Capital Partners closed its third fund, Centerfield Capital Partners III, on over $171m.
Commitments to the fund exceeded Centerfield’s $150m target and represent approximately a 50 per cent increase in the amount of capital committed to Centerfield’s second fund.
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