Windjammer-Backed Vital Records Control Closes Continuation Fund
July 8, 2021
Windjammer Capital Investors (“Windjammer”) and Vital Records Control (“VRC”) are pleased to announce that Windjammer has closed a Continuation Fund (the “Fund) transaction, reaffirming Windjammer’s commitment to VRC to support the company’s long-term growth strategy as an owner and control investor.
Windjammer partnered with AlpInvest Partners (“AlpInvest”) to form a Windjammer-managed single-asset Continuation Fund alongside an investment by Windjammer Senior Equity Fund V, L.P. (“WCI V”), which includes substantial additional capital to support VRC’s organic and M&A-related growth strategy. The Fund is capitalized primarily by funds managed by AlpInvest and a group of its co-investors. With this transaction, VRC remains a portfolio company of Windjammer with no change in governance. VRC’s executive leadership team remains a significant investor in the business and partner to Windjammer and AlpInvest. Terms of the transaction were not disclosed.
“The WCI V and AlpInvest investment provides VRC access to ample capital and more time, to support the growth of VRC,” said Jeff Miehe, Managing Principal at Windjammer. “With this transaction, Windjammer remains the control investor of VRC and is positioned to continue to help VRC leadership capitalize on the many opportunities that exist for the Company.”
Headquartered in Memphis, TN, VRC is a leading provider of information governance solutions including digital document conversion and storage services, physical hardcopy records storage services, release of information services, and secure document destruction services. VRC has a national footprint, operating over 100 facilities nationwide. Since initially partnering with Windjammer in 2017, the Company has completed over 80 acquisitions to expand its solutions suite and geographic footprint. Today, VRC’s extensive service offerings create a differentiated suite of services and value proposition to a large and growing base of customers.
“Over the past four years, VRC has grown into a coast-to-coast provider of records management and has expanded its information governance offerings,” said Danny Palo, CEO of Vital Records Control. “Windjammer’s strategic and financial support have enabled us to better serve customers on a local and national basis. I look forward to the continued growth of our company.”
“We’re excited to continue to support VRC, Danny Palo and the management team,” said Ryan Pertz, Managing Director at Windjammer. “The company has transformed into a national industry leader and is well positioned to continue strong growth, both organically and via acquisition.”
Garrett Hall, Managing Director at AlpInvest, stated, “Windjammer has a strong track record as a leading investor in the middle-market, and we are thrilled to expand our partnership to maximize the long-term value of Vital Records Control.”
“VRC exhibits the core investment criteria we seek in market leadership, mission critical services, and stability,” said Greg Bondick, Managing Principal at Windjammer. “We are pleased to continue to back and strengthen VRC with the support of AlpInvest.”
More information on VRC and its suite of services can be found at www.vitalrecordscontrol.com.
About Windjammer
Windjammer Capital is a national private equity investment firm, based in Newport Beach, CA and Waltham, MA that invests control equity in middle-market businesses and in partnership with management. Since its founding in 1990, Windjammer has managed over $2 billion of committed capital with respect to its control equity investment strategy, and since inception has completed over 60 platform investments and more than 160 strategic add-ons. The firm targets investments in companies that are leaders in attractive niche markets and share several of the following characteristics: significant and defensible market positions; differentiated products and services; strong management teams; scalable business models; identifiable growth opportunities; and consistent financial performance.
For more information, please visit www.windjammercapital.com
About AlpInvest
AlpInvest is one of the largest private equity investors in the world, with nearly $61 billion of assets under management. AlpInvest's activities cover a broad range of private equity investing, including primary fund commitments, secondary purchases and co-investments. AlpInvest is wholly owned by The Carlyle Group, a global alternative asset manager with over $260 billion of assets under management as of March 31, 2021.
AlpInvest’s investments span the full spectrum of private equity: buyouts, venture capital, growth capital, natural resources, mezzanine and distressed. AlpInvest manages the private equity investments for several large pension funds and a broad range of institutional investors globally across North America, Europe, Asia, South America, the Middle East and Africa. The firm has invested with over 300 general partners across over 740 funds.
For more information, please visit www.alpinvest.com
SOURCE: Windjammer