Snow Phipps Group Announces Closing of Second Fund at $844 Million

Sep 08, 2011, 15:52 ET from Snow Phipps Group

NEW YORK, Sept. 8, 2011 /PRNewswire/ -- Snow Phipps Group, LLC, ("Snow Phipps") announced today the final close of its second fund, Snow Phipps II, L.P., with approximately $844 million of committed capital, significantly above its target of $700 million.  

"We are delighted to announce the successful close of our second fund," said Ian Snow, CEO of Snow Phipps.  "We received strong support from our existing investors and also added many new relationships, including a number of significant institutional investors.  We credit this accomplishment to the positive results earned by our outstanding team of investment and operating professionals."  

"Our investors see the benefit of Snow Phipps' impressive team of Operating Partners and the exceptional growth middle market companies can offer utilizing this approach," said Ogden Phipps, Partner at Snow Phipps.  "We continue to see many opportunities in this market and are excited about the prospects for the fund."

Focused on investing in and building middle market companies, Snow Phipps has already made two new platform investments with its second fund, acquiring ZeroChaos and Velvet.  In its first fund, Snow Phipps successfully closed eight transactions, investing in: FiberVisions Corporation, EnviroFinance Group, Excel Mining Systems, Laureate Education, Inc., Tasti D-Lite, Velocity Commercial Capital, ArrMaz Custom Chemicals, and Acentia (formerly ITSolutions).  

Snow Phipps employs an Operating Partner strategy, which capitalizes on the financial expertise of its investment professionals as well as the operational expertise of its Operating Partners, senior industry executives who have entered into formal, exclusive relationships with Snow Phipps.  Snow Phipps' Operating Partners bring a unique level of talent to investing in the middle market, and have allowed the funds to identify and invest in outstanding companies with strong prospects to create shareholder value.  These Operating Partners are:

  • Jim Amos, Specialty Franchising; former President and CEO of Mail Boxes, Etc.
  • Paul W. Chellgren, Specialty Chemicals and Industrial Processes; former Chairman and CEO of Ashland, Inc.
  • Campbell Langdon, Business Services; former President of mid-market payroll and HR outsourcing division of Automatic Data Processing Inc.
  • Andrew Megibow, Apparel and Retail; former COO of Ellen Tracy, Inc.
  • Philip Mengel, Transportation and Infrastructure Materials; former CEO of U.S. Can Corporation and English Welsh & Scottish Railway
  • Joy Schaefer, Financial Services; former Vice Chairman and CEO of WFS Financial Inc.
  • Leif Soderberg, Government Services/IT Services; former Senior Vice President and Chief Strategy Officer of Motorola, Inc.
  • Jay Twombly, Industrial Components; former President of SPX's Edwards Systems Technology division

About Snow Phipps Group, LLC

Snow Phipps Group is a New York-based private equity firm specializing in middle market companies.  It seeks to acquire and build businesses in attractive industries where it can leverage the expertise of its exclusive Operating Partners, who are seasoned industry executives.

SOURCE Snow Phipps Group