Brockway Moran & Partners

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Brockway Moran & Partners
Private
Industry Private equity
Founded1998;21 years ago (1998)
FounderPeter Brockway, Michael Moran
Headquarters Boca Raton, Florida, United States
Products Leveraged buyout, Growth capital
Total assets $1.3 billion
Number of employees
25+
Website brockwaymoran.com

Brockway Moran & Partners is a private equity firm focused on leveraged buyout investments in middle-market companies across a range of industries.

Private equity firm investment manager that makes investments in the private equity of operating companies

A private equity firm is an investment management company that provides financial backing and makes investments in the private equity of startup or operating companies through a variety of loosely affiliated investment strategies including leveraged buyout, venture capital, and growth capital. Often described as a financial sponsor, each firm will raise funds that will be invested in accordance with one or more specific investment strategies.

Leveraged buyout acquired control over a company by the purchase of its shares with borrowed money

A leveraged buyout (LBO) is a financial transaction in which a company is purchased with a combination of equity and debt, such that the company's cash flow is the collateral used to secure and repay the borrowed money. The use of debt, which normally has a lower cost of capital than equity, serves to reduce the overall cost of financing the acquisition. The cost of debt is lower because interest payments often reduce corporate income tax liability, whereas dividend payments normally do not. This reduced cost of financing allows greater gains to accrue to the equity, and, as a result, the debt serves as a lever to increase the returns to the equity.

Contents

The firm, which is based in Boca Raton, Florida, was founded in 1998. The firm has raised approximately $1.3 billion and completed more than 50 investments since inception across three private equity funds.

Boca Raton, Florida City in Florida

Boca Raton is the southernmost city in Palm Beach County, Florida, United States, first incorporated on August 2, 1924 as "Bocaratone," and then incorporated as "Boca Raton" in 1925. The 2015 population estimated by the U.S. Census Bureau was 93,235. However, approximately 200,000 people with a Boca Raton postal address reside outside its municipal boundaries. Such areas include newer developments like West Boca Raton. As a business center, the city also experiences significant daytime population increases. It is one of the wealthiest communities in South Florida. Boca Raton is 43 miles (69 km) north of Miami and is a principal city of the Miami metropolitan area, which had a population of 6,012,331 people as of 2015.

History

The firm was founded in 1988 by Peter Brockway and Michael Moran who were previously partners at Miami-based Trivest, one of the early leveraged buyout firms in the 1980s. [1]

Trivest

Trivest Partners, L.P. is the oldest private equity firm in the Southeast U.S., founded in 1981, and headquartered in Miami, Florida. Trivest has provided "Private Equity for Founders" in the lower middle market through its flexibility in transaction structuring and related Just Say No program. The firm focuses specifically on investments in the consumer, business services, distribution and niche manufacturing industries.

The firm raised its first fund, with $200 million of investor commitments in 1998, and its successor fund raised $410 million in 2002. Brockway Moran completed fundraising for most recent private, with $700 million of investor commitments, in 2006. [2]

The firm's portfolio of investments includes Woodstream Corporation, [3] Pacific Crane Maintenance, Tri-Star Electronics International, MW Industries, Air Medical Group, Latham International, [4] GED Integrated Solutions, Pennant Foods Corporation and Celeste Industries Corporation. Among Brockway Moran's historical realized investments are Gold's Gym, [5] Cosmetic Essence, Integrated Aerospace, [6] Norwesco and TTM Technologies.

Golds Gym international chain of co-ed fitness centers

Gold's Gym International, Inc. is an American chain of international co-ed fitness centers originally started by Joe Gold in Venice Beach, California. Each gym offers a variety of cardio and strength training equipment as well as group exercise programs. Its headquarters have since relocated to Dallas.

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References

  1. ↑ Fins, Antonio. "Boca Financiers Doing Well With a Range of Low-Tech Industries".
  2. ↑ Brockway Moran & Partners Announces First and Final Closing of Its Third Private Equity Fund at $700 Million. Business Wire, April 4, 2006
  3. ↑ Brockway Moran & Partners Acquires Woodstream Corporation. Business Wire, June 12, 2003
  4. ↑ Brockway Moran Builds Out Pool Platform [ permanent dead link ]. Buyouts, July 2006
  5. ↑ TRT Holdings Inc. is new owner of Gold's Gym. Business Wire, April 4, 2006
  6. ↑ Buyer surfaces for SB-based aerospace firm [ permanent dead link ]. The Press-Enterprise (SAN BERNARDINO), 10/1/1999


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