Marwit Capital Announces Its First Close and Two New Additions to Team
Newport Beach, CA – Marwit Capital has announced that it recently completed its first close at $35 million in Marwit Capital Partners II, LP (MCP II). The first close investors included substantially all of the limited partners in Marwit Capital LLC (“MCP I”), as well as some new relationships. MCP II focuses on micro-cap buyout and growth investments primarily in California and the Western U.S. MCP II is the successor fund to MCP I and continues the successful investment strategy which began in 1995 by Marwit Investment Management, LLC, a Newport Beach, California-based private equity investment firm (“Marwit”). The targeted size of MCP II is $175 million with a final close scheduled for later this year.
“We are elated with the re-up rate from our Fund I investors and are also pleased to add several new relationships including investors with whom we partnered on Fund I investments and institutions who have come to know us well such as City National Bank,” said Matthew Witte, a founding Partner at Marwit.
Marwit completed its first acquisition for MCPII, Women’s Diagnostic (“WD”), in October 2005 in advance of the first close and has warehoused the deal. WD is one of the most successful and respected comprehensive breast care organizations in the country and currently operates five clinics in Texas. Marwit was attracted to the company because of its innovative ‘Center of Excellence’ model for delivering state-of-the-art comprehensive breast diagnostics, and the firm intends on utilizing WD as a platform to expand into other markets. In addition to WD, the firm has a robust pipeline of potential investment opportunities. “We have deals number 2, 3 and 4 under Letter of Intent and are in full due diligence on them,” said Chris Britt, a founding Partner at Marwit.
New Additions to Team
The firm has also added two seasoned investment professionals that have long associations with Marwit Capital. Rob Wendell joins from Richard Vander Kaay & Associates (RVK), a boutique acquisition search firm where he worked for 8 years. During that time he collaborated with Marwit on several search projects, including a search that resulted in the Nupla Corporation deal. Thomas Dollhopf joins from Siemens, Inc. and Siemens Venture Capital (SVC). While at SVC, Thomas co-invested in IndX Software Corporation and served alongside Matthew Witte as a Board Member.
About Marwit Capital
Marwit Capital is one of the oldest and most experienced private equity firms in the U.S. Founded in 1962, Marwit’s investment focus is on “micro-cap” lower middle market companies based in California and the Western U.S., with revenues of $10 to $100 million and enterprise values of less than $50 million. Common transactions include management buyouts, traditional buyouts in partnership with experienced industry executives, recapitalizations, and later stage growth investments. Since 1994, Marwit has completed 26 buyout and growth investments in partnership with proven entrepreneurs and operating managers. For more information, please visit www.marwit.com.