From Arcapita’s ashes, a new private equity firm rises

Sep 25, 2013

Dan Primack was a senior editor at Fortune from 2010 to 2016. He was also the author of Term Sheet, Fortune's daily newsletter about deals and dealmakers.

FORTUNE -- The U.S. private equity team of Bahrain-based Arcapita has spun out into an independent firm called Eagle Merchant Partners, Fortune has learned.

The Atlanta-based group will continue to manage several legacy Arcapita investments, including portable storage company PODS and apparel retailer J. Jill. Going forward, it plans to focus on middle-market businesses in the consumer, business services and industrial sectors. Target companies will have revenue of between $20 million and $200 million, and EBITDA of between $5 million and $40 million.

While with Arcapita, the team invested over $1 billion, into such companies as Caribou Coffee, Church's Chicken and Loehmann's.

The news comes just days after Arcapita emerged from U.S. bankruptcy protection, in a deal that The Wall Street Journal said represents “the first true post-financial-crisis debt restructuring by an Arab Gulf company.”

No word yet on Eagle Merchant Partners' capital availability or fundraising plans. Calls made to partner Stockton Croft were not returned.

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