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News
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Release No. 503-05
May 29, 2003
Ballast Point Venture Partners
announces closing of
$56 million venture capital fund
ST. PETERSBURG, Fla. – Ballast Point Venture Partners, a venture capital firm affiliated with Raymond James Financial, Inc., today announced the final closing of Ballast Point Ventures, L.P. with commitments of $56 million.
The Fund, which provides growth capital to rapidly growing, private companies throughout the Southeast and Texas, is the only Florida-based venture fund to raise new money for investments since the end of 2000, according to data gathered by Thomson Financial Venture Economics.
More than 50 successful entrepreneurs and several well-known institutional investors are participating in the Fund.
Ballast Point Ventures brings together two of the most respected investment firms in the Southeast – South Atlantic Venture Funds and Raymond James Financial – for the purpose of providing venture capital to rapidly growing, Southeastern-based companies. BPV’s two managing partners, Richard J. Brandewie and Drew A. Graham, were formerly general partners at South Atlantic Venture Funds. South Atlantic, founded by Donald W. Burton in 1984, has invested $175 million in over 60 private companies throughout Florida, the Southeast and Texas and has achieved outstanding returns for its investors from 1984 to 2002. Both Burton and O. Gene Gabbard, a successful entrepreneur and former South Atlantic Partner, serve as special limited partners with Ballast Point Ventures. The former South Atlantic team is joined at Ballast Point Ventures by Paul C. Johan, partner, a former investment banker in both the communications and mergers and acquisitions areas with Raymond James.
“We are pleased to have closed on $56 million in commitments in the most difficult fundraising environment in the last decade, and we are excited about the quality and experience of our Limited Partners,” stated Graham. “We believe the overall decrease in capital commitments to the venture industry is actually a positive development and is resulting in an improving environment for financing high-growth companies, particularly in our target Southeastern market.”
“This is a powerful platform for pursuing private, growth capital investments in the Southeastern United States,” observed Johan, commenting on the bringing together of the South Atlantic and Raymond James networks. “We are building a strong pipeline of attractive opportunities from our deal referral network and look forward to pursuing these full-time with the fundraising process now complete.”
Raymond James Financial Chairman and CEO Thomas A. James joins the BPV partners on the Fund’s investment committee, and has a longstanding relationship with the Fund’s principals.
“Raymond James has been an investor in the South Atlantic family of funds since 1988, and we are strong believers in both their Southeastern focus and their emphasis on growth capital, rather than start-up capital,” explained James.
“We know this team well,” he continued, “and we are delighted to be an anchor investor in Ballast Point Ventures. The partners’ ability to leverage the Raymond James network will only strengthen the impressive network they have built at South Atlantic over the last 19 years.”
About Ballast Point Ventures, L.P.
Ballast Point Ventures, L.P. is a venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 60 years of combined experience investing in and building high-growth companies in a number of industries, including business services, communications, health care, technology, consumer products and specialty retail. The Fund seeks to make equity investments ranging in size from $1.0 million to $5.0 million, which result in Ballast Point Ventures owning minority positions in businesses owned and operated by outstanding management teams.
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For additional information, visit www.ballastpointventures.com
or call Richard J. Brandewie, Drew A. Graham
or Paul C. Johan at 727-567-1500.