UK-headquartered Beechbrook Capital has closed three deals under its private debt investment strategy.
All three were completed as the firm heads for a scheduled final close on the fund in the summer. It is eyeing up a target of £250 million ($307 million; €288.6 million).
Nick Fenn, founding partner, said “deployment of the fund is on schedule”.
“The first three investments in fund III are strong credits and score highly against Beechbrook’s criteria,” he said.
One deal involved providing financing to support the growth of Dutch flight simulator manufacturer Multi Pilot Simulations, a company backed by private equity firm H2 Equity Partners.
The second and third transactions were completed in the UK. Beechbrook provided mezzanine loans to restaurant chain D&D London and engineering company NuCore Group, companies backed by sponsors LDC and Lonsdale Capital Partners.
Details were not disclosed by Beechbrook on either deal, but the firm said in a statement that the typical size of transactions is around €9 million.
The firm’s private debt strategy is to invest in sponsor-backed companies with an enterprise value ranging between €10 million and €100 million.
In addition to the deals, the firm has promoted team members in both the private debt strategy and its fund focused on investments in UK small and medium-sized enterprises.
Sandeep Agarwal and Mensah Lambie both take up partner positions within the firm. They work on the private debt fund strategy and are tasked with sourcing investments and monitoring their development. Both joined the firm in 2008.
Tim Johnston works on the firm’s UK SME Credit Fund and has also been promoted to partner. He joined in 2009 from accountancy firm PricewaterhouseCoopers’ finance team.
Beechbrook founding partner Paul Shea said of the promotions: “They have all made important contributions to Beechbrook’s success and their promotions are well deserved. We are confident that they will play valuable roles during the next stage of the firm’s development.”