Bertram Capital has followed several years of impressive growth at portfolio company Enthusiast Auto Holdings with a sale to Cortec Group.
EAH is a direct-to-enthusiast, digitally native platform that invests in and helps operate brands in the performance car industry, with a focus on designing, producing and selling specialty parts.
The deal marks Bertram’s 14th exit since the firm’s launch in 2006.
Bertram partner Ryan Craig said, “By partnering with outstanding founders, building a world class management team, and demonstrating the ability of EAH to grow far beyond its early Audi & Volkswagen roots, we created an e-commerce market leader with clear differentiation and exceptional customer satisfaction measures.
“I would like to express our sincere gratitude to Imran Jooma, who joined the company as CEO just over two years ago, and deftly guided EAH to its best performance ever. Imran’s leadership and expertise were instrumental in helping us grow revenue nearly 4x and expand EBITDA almost 5x between our initial investment and the sale.”
The exit comes a month after AltAssets revealed California-based Bertram was looking to raise up to $650m for its latest fund.
The firm previously closed its first fund in eight years in 2018 after reaching the $500m hard cap for Bertram Growth Capital III.
Fund IV’s investment strategy will likely follow in the footsteps of its predecessor funds, which focused on lower middle market companies in the business services, consumer, and industrial manufacturing sectors.
Late last year Cortec hit a $2.1bn final close for its Fund VII vehicle, making it almost twice the size of its $1.1bn predecessor.
Cortec typically invests in mid-market business in the healthcare, B2C and B2B products, distribution, eCommerce, and services sectors.
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