Firms & Funds

Lincolnshire inks second Fund IV exit, adds new marketing director

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Lincolnshire Management, Betsy Maloney, private equity, SEC
Hermit Sister Rachel Denton picks apples in the evening at St Cuthbert's Hermitage in Lincolnshire, north east Britain September 25, 2015. Denton, a Catholic hermit, rises early to tend to her vegetable garden, feed her cats and pray. But the former Carmelite nun, who in 2006 pledged to live the rest of her life in solitude, has another chore - to update her Twitter account and check Facebook. "The myth you often face as a hermit is that you should have a beard and live in a cave. None of which is me," says the ex-teacher. For the modern-day hermit, she says social media is vital: "tweets are rare, but precious," she writes on her Twitter profile. The internet also allows Denton to shop online and communicate with friends. "I am a hermit but I am also human." A diagnosis of cancer earlier this year reaffirmed Denton's wish to carry on a life of solitude, prayer and contemplation. REUTERS/Neil Hall
  • Firm sells Aerosim, PADI from Fund IV
  • Betsy Maloney joined firm in 2015
  • Lincolnshire wrapped up last fundraising effort in 2008

Lincolnshire Management has replaced its director of marketing while remaining active on the deal front as the New York firm wrapped up the second exit from its fourth buyout fund. It may start raising Fund V as early as next year.

Betsy Maloney now assists with investor relations and marketing for Lincolnshire, she said in an email to Buyouts. Maloney, the daughter of  Lincolnshire CEO T.J. Maloney, joined the firm in 2015.

T.J. Maloney said the firm may launch fundraising efforts for Fund V within the next 12-15 months.

“We are working on a number of realizations at the moment and when they are complete, we will come to market,” T.J. Maloney said in an email.

The New York firm in late 2008 raised $835 million for Lincolnshire Equity Fund IV, double the size of its predecessor.

Lincolnshire recently marked the second exit from Fund IV with the sale of Aerosim, a specialist in aviation training, to L-3 Communications. Terms weren’t disclosed. In an Oct. 4 statement, Lincolnshire said the company was “a successful investment” for Fund IV.

Lincolnshire’s first exit from Fund IV was PADI, a scuba-diving specialist the firm acquired in 2012 from Seidler Equity Partners. The firm exited PADI in the past year. The buyer wasn’t identified.

On the acquisition front, Holley Performance Products, a specialist in fuel systems backed by Lincolnshire, purchased MSDP Group LLC from Z Capital, about a year ago.

Meanwhile, Lincolnshire also closed two dividend capitalizations of Fund IV companies: direct marketing company National Pen and PADI.

In terms of Fund III exits, the firm continues to hold four portfolio companies from the fund, with plans to sell at least two by 2018, Betsy Maloney said.

Fund III  has generated top-quartile returns for Teachers’ Retirement System of the City of New York. See Talking Top Quartile with T.J. Maloney.

Other companies in Lincolnshire’s portfolio include, among others, Amports, the Jacksonville, Fla., provider of vehicle logistics and processing services at 13 portside locations in the U.S. and Mexico; Desch Plantpak, the Netherlands producer of containers and trays for European greenhouse markets; Nursery Supplies Inc, a maker of plastic containers for North American nurseries and greenhouses; and True Temper Sports, the Memphis designer and producer of equipment including golf-club shafts, hockey sticks, lacrosse-stick handles and more.

Meanwhile, William Buttrick, Lincolnshire’s former director of marketing, left the firm last year.

In 2014, the firm reached a $2.3 million settlement with the Securities and Exchange Commission related to the  allocation of expenses between two portfolio companies. See related story.

Action Item: Lincolnshire portfolio companies: www.lincolnshiremgmt.com/portfolio/realized-investments/

Hermit Sister Rachel Denton picks apples in the evening at St. Cuthbert’s Hermitage in Lincolnshire, northeast Britain, on Sept. 25, 2015. Photo courtesy Reuters/Neil Hall

Correction: This story has been updated to include the correct title for William Buttrick, former director of marketing for Lincolnshire. Also, an earlier version of this story incorrectly described the nature of a regulatory matter.

Update: The story was also updated to include additional details from Lincolnshire about Betsy Maloney and possible fundraising plans for Fund V.