Aterian Investment Partners, a middle-market private equity firm, closed Aterian Opportunities II, a single asset continuation vehicle (CV) of approximately $460 million. With the closing of the CV, Aterian has now raised more than $2 billion of commitments across six different investment funds. The new fund was formed to purchase Vander-Bend Manufacturing from Aterian Investment Partners II (Fund II). In addition, the fund provides an incremental $90 million of growth equity to support Vander-Bend as the company continues to execute its strategic plan. The CV, managed by Aterian, will be anchored by funds managed by J.P. Morgan Global Alternatives, Hollyport Capital and Blackstone Strategic Partners as well as supported by new and returning limited partners. Aterian professionals, existing Fund II limited partners and Vander-Bend management rolled significant equity proceeds as part of the transaction. Aterian Investment Partners III and Aterian Investment Partners III-A also invested.
Founded in 1979, Vander-Bend is a full-service partner specializing in complex precision manufacturing and assembly with differentiated engineering, prototyping support and quality systems. The company primarily serves attractive medical technology end markets including robotic assisted surgery and radiation oncology among other high growth end markets. Vander-Bend provides capital equipment as well as consumables to a diversified set of industry participants from a nationwide nine site footprint.
“We are excited to announce the closing of this new Fund. This CV allows us to continue our partnership with Vander-Bend and also provides a significant and attractive liquidity event to our Fund II investors,” Representatives from Aterian said. “We are immensely grateful for the support received from both new and existing investors during this process. As a full team, we are incredibly motivated to continue executing alongside management and support Vander-Bend as it writes its next chapter.”
For Aterian, Jefferies served as financial advisor and Kirkland & Ellis served as legal counsel.
