Press Releases
 

 

Press Releases

April 17 , 2003
MidCoast Capital Announces First Distribution from LVIR Investor Group, LP

 

MidCoast Capital, LLC today announced the second closing for Diversified Private Equity Investors, LP II (“DPEI II”)

Radnor, PA, March 28, 2005

MidCoast Capital, LLC today announced the second closing for Diversified Private Equity Investors, LP II (“DPEI II”), its second partnership formed to purchase secondary interests in private equity partnerships. DPEI, MidCoast’s first fund, was formed in January 2003 and is fully invested. Most investors in DPEI also participated in making commitments to DPEI II.

With commitments from this closing in hand, DPEI II is seeking additional secondary interests purchases ranging in size from $250,000 to $7,500,000.

As previously announced, DPEI II’s first investment acquisition was completed on January 24, 2005 and was a one-eighth membership interest in an SBIC located in the western US. This interest was purchased from the bankruptcy estate of a large financial services company.

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About MidCoast Capital, LLC

MidCoast Capital LLC is a merchant bank headquartered in Radnor, PA. The firm was founded in 2001 by Stephen Harris and Michael Cuneo and specializes in purchasing secondary interests in private equity funds and sponsoring management buyouts and recapitalizations of middle market companies. The firm invests its own capital and often partners with long-term clients and TDH Capital Partners, an affiliate that manages private equity funds and investments.

For more information, contact:
Stephen Harris or Michael Cuneo
Managing Principals
MidCoast Capital, LLC
610-687-8580
sharris@midcoastcapital.com
mcuneo@midcoastcapital.com

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MidCoast Capital, LLC today announced the sixth distribution from Diversified Private Equity Investors, LP

Radnor, PA, January 28, 2005

MidCoast Capital, LLC today announced the sixth distribution from Diversified Private Equity Investors, LP ("DPEI"), a partnership formed to purchase the investment assets of Dime Capital Partners, a transaction completed on January 31, 2003. Cumulative distributions to date approximate 66.4% of capital invested in DPEI. Sources of the funds for this distribution were from the sale of interests in one portfolio company as well as collection of scheduled interest, principal and dividend payments.

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About MidCoast Capital, LLC

MidCoast Capital LLC is a merchant bank headquartered in Radnor, PA. The firm was founded in 2001 by Stephen Harris and Michael Cuneo and specializes in purchasing secondary interests in private equity funds and sponsoring management buyouts and recapitalizations of middle market companies. The firm invests its own capital and often partners with long-term clients and TDH Capital Partners, an affiliate that manages private equity funds and investments.

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MidCoast Capital Announces the Formation of Diversified Private Equity Investors II, LP

Rosemont, PA, January 21, 2005

MidCoast Capital, LLC today announced the formation of Diversified Private Equity Investors II, LP (“DPEI II”), a partnership managed by MidCoast Capital, LLC.

DPEI II, is the second fund formed by MidCoast to purchase secondary interests in private equity funds. DPEI II will close shortly on its first acquisition.

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About MidCoast Capital, LLC

MidCoast Capital LLC is a merchant bank headquartered in Radnor, PA. The firm was founded in 2001 by Stephen Harris and Michael Cuneo and specializes in purchasing secondary interests in private equity funds and sponsoring management buyouts and recapitalizations of middle market companies. The firm invests its own capital and often partners with long term clients and TDH Capital Partners, an affiliate that manages private equity funds and investments.


MidCoast Capital Announces First Distribution from LVIR Investor Group, LP

LVR Investor Group, LP

Radnor, PA, April 17, 2003

MidCoast Capital, LLC today announced the first distribution from LVIR Investor Group, LP, a partnership formed to purchase the investment assets of Dime Capital Partners. LVIR Investor Group, LP, a partnership formed by the former managers of Dime Capital Partners, MidCoast Capital, LLC (via Diversified Private Investors, LP) and funds managed by LLR Partners, purchased the investment assets from Washington Mutual Bank, FA on January 31, 2003.

This initial distribution amounted to approximately 17.5% of capital invested by LVIR partners. Sources of the funds were from the sales of interests in one portfolio company and one venture fund interest as well as collection of scheduled interest, principal and dividend payments.

LVIR Investor Group, LP purchased a portfolio of equity and debt investments in approximately 30 companies plus limited partnership interests in several venture capital funds. The companies in the portfolio are located throughout the eastern United States. The former managers of Dime Capital Partners, now operating as Prometheus Management Group, LLC, continue to manage the portfolio from their offices in northern New Jersey.

MidCoast Capital, LLC and Prometheusís principals initiated the transaction. MidCoast acted as financial advisor to Prometheus, invested in the transaction through an affiliate, Diversified Private Equity Investors, LP, and arranged the remainder of the financing.

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About MidCoast Capital, LLC

MidCoast Capital LLC is a merchant bank headquartered in Rosemont, PA. The firm was founded in 2001 by Stephen Harris and Michael Cuneo and specializes in purchasing secondary interests in private equity funds and sponsoring management buyouts and recapitalizations of middle market companies. The firm invests its own capital and often partners with long term clients and TDH Capital Partners, an affiliate that manages private equity funds and investments.

For more information, contact:
Stephen Harris
Managing Principal
MidCoast Capital, LLC
610-526-9970
sharris@midcoastcapital.com

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MidCoast Capital Announces the Purchase of the Dime Capital Partners Venture Investment Portfolio

Rosemont, PA, February 3, 2003

MidCoast Capital, LLC today announced the purchase of the investment assets of Dime Capital Partners. LVIR Investors Group, LP, a partnership formed by the former managers of Dime Capital Partners, MidCoast Capital, LLC and funds managed by LLR Partners, purchased the investment assets from Washington Mutual Bank, FA.

LVIR Investors Group, LP purchased a portfolio of equity and debt investments in approximately 30 companies plus limited partnership interests in several venture capital funds. The companies in the portfolio are located throughout the eastern United States. The former managers of Dime Capital Partners will continue to manage the portfolio from their offices in northern New Jersey and have formed a new management company, Prometheus Management Group, LLC, to do so.

MidCoast Capital, LLC and Prometheusís principals initiated the transaction. MidCoast acted as financial advisor to Prometheus, invested in the transaction through an affiliate, Diversified Private Equity Investors, LP, and arranged the remainder of the financing.

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About MidCoast Capital, LLC

MidCoast Capital LLC is a merchant bank headquartered in Rosemont, PA. The firm was founded in 2001 by Stephen Harris and Michael Cuneo and specializes in purchasing secondary interests in private equity funds and sponsoring management buyouts and recapitalizations of middle market companies. The firm invests its own capital and often partners with long term clients and TDH Capital Partners, an affiliate that manages private equity funds and investments.

About LLR Partners Inc.

LLR Partners Inc. is a $260 million private equity firm providing capital to middle market companies with strong growth potential, proven business models and outstanding management teams. LLR primarily makes investments of $10 million to $25 million in a broad range of growth industries, with an emphasis on business services and information technology. Based in Philadelphia, LLR focuses on creating value in superior investment situations in the Mid-Atlantic region. For more information about LLR, please visit http://www.llrpartners.com/

For more information, contact:
Stephen Harris
Managing Principal
MidCoast Capital, LLC
610-526-9970
sharris@midcoastcapital.com


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