The firm bought into OBH, which provides mental health and drug/alcohol outpatient counselling and therapy, through its $200m Harbert Private Equity Fund II in 2009.
HPEF II’s Raymond Harbert Jr said, “This is a positive exit for HPEF II and a complementary acquisition by Pyramid.
“Onward’s footprint fits nicely with Pyramid’s, which will enable continued growth and the ability to serve their clients better.”
Harbert is currently investing from its third HPEF vehicle, which is targeting companies in the South Eastern US with operating cash flow of between $2m and $10m.
Harbert had secured more than $20m for that vehicle in March according to a filing with the US securities regulator.
HPEF III is targeting $200m, and has already been used to invest in oilfield and environmental services company d/b/a Central Environmental Services.
Copyright © 2014 AltAssets