Kirkland & Ellis advised middle market private equity firm Aterian Investment Partners on a new single asset continuation vehicle of approximately $460 million. The fund was created to purchase precision manufacturer Vander-Bend Manufacturing, Inc. from Aterian Investment Partners II, LP (Fund II). The continuation vehicle provides an incremental $90 million of equity to support Vander-Bend’s growth. The new fund will be managed by Aterian Investment Partners and 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, LP and Aterian Investment Partners III-A also invested.
The Kirkland team was led by corporate partners Adam Wexner and Kevin Stocks and associates Jeff Butensky and Paul Koltz and investment funds partners Eric Fischer and Nick Carreri, with support from investment funds partner Jeff Kaplan and associates Matt Nabavian, Namjun Park, Michael Brar, Francisco Cardona, Emily Hartney and Mark Raymond.