Former Solis Capital Partners exec Craig Dupper has completed a fundraising round for new firm Elan Growth Partners.
Dupper, who spent 16 years investing through two funds at Solis, plans to use the vehicle to target businesses in the manufacturing, niche software, business services and food sectors
It expects to invest $5m to $25m of equity per transaction in companies within the business services and food sectors with EBITDA of between $1m and $6m.
The size of the fundraising was not disclosed by the firm.
Max Young, who worked with Dupper at Solis, is set to join Elan in the firm’s new Carlsbad offices on May 1.
Dupper said, “In an increasingly commoditised capital environment, Elan’s partnering philosophy, extensive experience and access to human capital and other resources, set us apart from alternatives that simply provide capital at close.
“By bringing capital and these valuable non-financial resources to our partnerships, we enable company owners to achieve their business and personal objectives, while generating consistent returns for our investors.”
Young, who will become a principal at Elan, added, “Elan solves an unsatisfied need that exists for Southern California businesses.
“Our Southern California focus encompasses San Diego to Ventura counties, a region that is dense with lower middle market companies but lacks sufficient value-added capital partners.
“According to the US Small Business Administration, there are nearly 49,000 companies in Southern California with 20 to 500 employees, outnumbering the region’s local private equity firms 300 to one.”
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