The former Banc of America Capital Investors (BACI) private equity team has spun off from Bank of America to form Ridgemont Equity Partners. The principals of Ridgemont, who have invested over $3 billion in 140 companies, will seek to raise a new private equity fund in the near future. During Ridgemont’s fundraising process, the group will have capital available to continue to pursue new investment opportunities. In addition, the principals will continue to manage the legacy BACI portfolio on behalf of Bank of America.
Ridgemont Equity Partners will focus on middle market buyout and growth equity investments of $25 million to $100 million. The group will target companies in industries in which the team has deep expertise, including basic industries, consumer & retail, energy, healthcare, telecommunications/media/technology, and financial services. Ridgemont will be comprised of 19 investment professionals, many of whom have been working together for 18 years. The firm will be headquartered in Charlotte.
“Over the last 18 years, we have developed a highly experienced and cohesive group of investment professionals. The decision to launch Ridgemont Equity Partners was a collaborative one, as we agreed that a new independent platform is well suited to the composition of our group and our strategy going forward. We are very excited about the future of Ridgemont,” said Travis Hain, Partner. “We would like to thank Bank of America for its years of support and contribution to a successful partnership.”
“Ridgemont Equity Partners is comprised of an investment team that has worked together for a considerable time and who delivered attractive returns for Bank of America,” said Jim Forbes, Global Principal Investments executive at Bank of America. “We wish the Ridgemont team much success as they transition to an independent private equity firm.” Ridgemont Equity Partners will manage a portfolio currently valued at approximately $1.5 billion, representing approximately 23 percent of Bank of America’s private equity portfolio as of June 30, 2010.
The name Ridgemont is inspired by the nearby Blue Ridge Mountains – a span of ridges that is a foundation of strength and longevity. The Ridgemont team offers nearly two decades of private equity experience, bringing a broad perspective and partnership based approach to generating top performing investments.