Crossplane Capital, a Dallas-based private equity firm that targets control investments in niche manufacturing, value-added distribution and industrial business services companies, today announced the final closing of its inaugural fund, Crossplane Capital Fund, at its $275 million hard cap.
“We are very appreciative of our top-notch and diverse investor base,” said Brian Hegi, partner and co-founder. “Our highly respected early investors, seeded portfolio, hands-on and collaborative approach and experienced, cross-functional team led to significant investor interest above our $250 million target for our debut fund.”
Crossplane was founded in October 2018 by partners Brian Hegi and Ben Eakes, managing director Mike Sullivan and operating partner Ingrid West, to invest control equity into companies with up to $15 million of EBITDA that are either family owned and seeking a partner or involved in a complex situation.
Since its founding, Crossplane has completed three platform acquisitions, including The Accent Family of Companies in September 2019, TransAxle in December 2019 and Griffin Dewatering in November 2020. From its initial 4-person team, Crossplane has grown to an 11-person team with deep experience as senior executives, operational improvement consultants, strategy consultants, restructuring advisors and private equity investors.
“We believe our proven team of experienced operations and investment professionals is uniquely positioned for our strategy of partnering with strategically relevant, industrial-focused, lower middle market companies,” said Ben Eakes, partner and co-founder. “We appreciate the confidence that our investor base has placed in our team, and we look forward to many years of shared success.”
In conjunction with this final closing, Crossplane also announced the hiring of Greg Balliro as principal and Patrick Lynch as associate to bolster the team’s transaction execution and value creation implementation capabilities. Prior to joining Crossplane, Greg was a principal at Prophet Equity where he executed new acquisitions and worked closely with management teams to improve operations and implement growth initiatives.
He began his career with Credit Suisse and Energy Capital Partners after graduating from Harvard College. Patrick Lynch joins Crossplane from Atlanta-based investment bank, Bowstring Advisors, and is responsible for performing transaction due diligence and working with management teams to support strategic and operational improvement projects.
“Having worked with Greg since 2014, we are excited to add his horsepower to our team. He brings a unique background in closing complex transactions and working hand-in-hand with portfolio companies to improve performance,” said managing director Mike Sullivan. “The addition of Patrick comes at the perfect time as we execute on a strong pipeline of transaction opportunities.”
“We are excited to have the final closing on Crossplane Capital Fund, L.P. so that we can focus 100% of our attention on acquiring strategically unique industrial companies and working alongside our management teams to create transformational performance improvement,” said Brian Hegi. “We look forward to a long partnership with our investors.”