Northrim Horizon Closes $153 Million Fund II, Tripling Prior Fund Size

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Apr 10, 2023, 17:57 ET

MESA, Ariz., April 10, 2023 /PRNewswire/ -- Northrim Horizon L.P. ("Northrim") today announced that it has successfully closed Northrim Horizon Fund II, L.P. ("Fund II") with $153 million of committed capital. Fund II was oversubscribed, surpassing its target of $120 million and exceeding the size of its predecessor fund ("Fund I") by over 300%. Consistent with the strategy of Fund I, Fund II will focus on partnering with well-run, profitable, enduring platforms within attractive sub-sectors, including business services, software and tech-enabled services and healthcare services.

"We are excited to announce the completion of Fund II and grateful for the support of our investors as we continue to pursue our mission of investing in and building exceptional businesses," said Brad Gulbrandsen, Managing Partner of Northrim Horizon. "This additional capital will enable us to expand our portfolio and create long-term value for our stakeholders."

Fund II benefitted from strong re-up rates from returning investors, while adding new institutional investors, including leading fund-of-funds, insurance companies and family offices.

Over the past three years, Northrim Horizon has invested in 20 service companies, including five platforms and 15 strategic add-on acquisitions, while augmenting management teams, investing in expansion of product and service offerings, strengthening go-to-market and customer service organizations, and enhancing business processes and execution.

"We believe our success stems from our dedication to building a firm around exceptional people and fostering a culture where people can establish an exciting career for the long term," said Gulbrandsen. "We are thrilled to see investors' enthusiasm for Northrim's strong outcomes and differentiated approach to building best-in-class businesses and leadership teams."

Fund II has already made its first platform investment in ITC In-Home Personal Care, a provider of non-medical home care and community-based services to elderly and intellectually and developmentally disabled clients in Arizona. Northrim targets mature, cash-generative businesses with EBITDA between $1 to $5 million in its areas of focus and also seeks add-on acquisitions for high-performing platform investments.

DLA Piper served as legal counsel.

About Northrim Horizon

Northrim Horizon is a private equity firm that acquires well-run, profitable business services, software and tech-enabled services, and healthcare services businesses with the intent to own those businesses indefinitely. Northrim builds long-term value by reinvesting its earnings into its people, processes and technology. The firm is based in Mesa, Arizona. For more information, visit www.northrimhorizon.com.

Contact:
Brad Johnson
[email protected]

SOURCE Northrim Horizon