New York, NY – July 26, 2018
The former management team of the Direct Equity Division of Wafra Inc. (“Wafra Partners”) is pleased to announce the formation of Granite Bridge Partners LLC (“Granite Bridge”). Granite Bridge has been created, with backing from Spring Bridge Partners and a syndicate of other limited partners, to effect the acquisition through a Secondary Transaction of a majority interest in Wafra’s direct equity portfolio.
The entire investment team from Wafra Partners -- Peter Petrillo, Jeff Gerson, Mike Goodman, Eric Norfleet, Ryan Wierck and Sam Green -- has joined Granite Bridge. Initially, the new firm will manage a portfolio of nine companies:
· All Island Media (www.allislandmedia.com)
· American Higher Education Development (www.ahed.com)
· Custom Wood Products (www.cwpcabinetry.com)
· Integrated Cable Assembly (www.icahholdings.com)
· The InterMed Group (www.intermed1.com)
· Phelps Industries (www.phelpsindustriesllc.com)
· Smiles Dental (www.welovesmiles.com)
· The Wellness Network (www.thewellnessnetwork.net)
· Winning Streak Sports (www.wssdecor.com)
Peter Petrillo, Managing Partner of Granite Bridge, said, “We are very excited to have been able to partner with Spring Bridge and the rest of syndicate to complete this transaction and look forward to working with them to generate a successful outcome for all. In addition, we are grateful to Wafra for more than 20 years of support and partnership and thrilled that they have agreed to remain a participant in our new venture. Under the new Granite Bridge vehicle, we intend to continue to pursue our strategy of investing in profitable lower middle market companies in consumer products and services, business services and niche manufacturing.”
Granite Bridge can be reached at the following address:
Granite Bridge Partners LLC
350 Park Avenue, 23rd Floor
New York, NY 10022
About Granite Bridge: Granite Bridge Partners LLC is a private equity investment firm. We target control investments in lower middle market companies, with EBITDA of between $2 million and $12 million, in the following sectors: consumer products and services, outsourced business services and niche manufacturing. For more information visit www.granitebridge.com.
About Spring Bridge: Spring Bridge Partners is a specialist investment firm, founded by Sebastien Burdel and Luca Salvato, focused on providing liquidity solutions to the complex needs of illiquid market stakeholders. The firm seeks to partner with managers and holders of private assets, bringing capital and expertise in solving any liquidity and investor transition needs with a creative and supportive investor mindset. The firm looks for quality assets and managers, where passage of time and external events have created the need for a bespoke liquidity solution.
About Wafra: Wafra and its affiliates have more than $20 billion of assets and commitments under management and invest across a wide range of alternative asset classes. In its pursuit of investment excellence, Wafra connects its investors, partners and stakeholders to foster an exchange of ideas and innovations. Behind Wafra’s investment strategies are professionals based in New York and other financial centers who bring the long-term vision of Wafra’s stakeholders to alternative investments.