Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact email@example.com.
SOURCE Aurora Capital Group
Extends Aurora's Leadership in Distressed Investments in the Middle Market
LOS ANGELES, Oct. 23, 2013 /PRNewswire/ -- Aurora Capital Group ("Aurora"), a Los Angeles-based private equity firm with over $2 billion of assets under management, today announced the closing of its second resurgence fund, Aurora Resurgence Fund II LP ("Resurgence Fund II"), at $550 million in capital commitments.
Through Resurgence Fund II, Aurora will continue to execute its proven strategy of investing in the equity and junior capital of middle market companies, seeking controlling positions in complex situations created by operational or financial challenges. The fund's broad investment mandate has allowed it to execute on corporate carve-outs, quick sale processes, rescue financings, 363 auctions and secondary debt purchases in both the U.S. and Europe. Aurora continues to be supportive of operating companies and their growth initiatives, and acts as a flexible source of capital for companies across a broad array of industries.
"We are delighted to announce the closing of our second Resurgence Fund, which will allow us to continue pursuing our flexible and proven investment strategy," said Gerald L. Parsky, Chairman of Aurora Capital. "Aurora Resurgence is known for its disciplined approach and strong track record in the middle market. We look forward to leveraging our highly experienced investment team, our Executive Board and our operating executives to identify attractive opportunities, improve operations and build great companies."
Steven D. Smith, Managing Partner of Aurora Resurgence, said, "We see a tremendous opportunity for Resurgence Fund II and are grateful for the confidence placed in us by our limited partners. The quality of our investor base provides us with committed long-term partners and a solid foundation of flexible capital. This will enhance our ability to work closely with management teams and other stakeholders to help drive financial growth and operational improvements for companies across a range of industries."
Ryan C. McCarthy, Partner of Aurora Resurgence, said, "As an original member of the Aurora Resurgence team, I'm excited to advance the strong track record laid down by our initial Resurgence Fund. We are confident that the new team's considerable investment expertise will allow us to continue pursuing creative solutions for improving undervalued assets within distressed segments of the market."
Resurgence Fund II received strong support from existing investors in Aurora's funds, and also attracted a variety of new investors led by AlpInvest Partners B.V. and funds managed by Goldman Sachs Asset Management.
To date, Resurgence Fund II has acquired the remaining four companies from Aurora's original Resurgence Fund, which includes Sirva Inc, TruGreen LandCare, Alltub Group, and TOPS Parking LLC.
About Aurora Capital Group
Aurora Capital Group is a Los Angeles-based investment firm formed in 1991 that acquires and builds companies in partnership with operating management. The Firm currently manages approximately $2 billion in capital and is committed to investing in companies with unique, defensible market positions. Aurora is dedicated to generating long-term value principally through investing the time and resources necessary to enhance the fundamentals of each of its businesses. Aurora Resurgence is focused on investing in the debt and equity securities of middle market companies, targeting complex situations that are created by operational or financial challenges either within a company or a broader industry. For more information on Aurora Capital Group, visit its Web site at www.auroracap.com.
Sharon Stern / Bryan Darrow
Joele Frank, Wilkinson Brimmer Katcher
©2012 PR Newswire. All Rights Reserved.