The secondaries firm and a syndicate of limited partners acquired a majority stake in the portfolio of Wafra Partners, the direct equity investment division of Wafra Investment Advisory Group. Wafra Partners’ investment management team spun out with the assets, becoming Granite Bridge Partners, according to a statement from the new entity.
The portfolio comprises nine companies, including advertising agency All Island Media and dental chain Smiles Dental, the statement noted. New York-headquartered Granite Bridge has six investment professionals and is led by managing partner Peter Petrillo, who has been with Wafra Partners since 1995.
This is Spring Bridge’s first deal and was made using independently raised capital, not via a blindpool fund, a spokesman for the firm told Secondaries Investor.
The total value of the deal was not disclosed.
Wafra Investment Advisory will maintain a minority interest in Granite Bridge. The firm invests across private equity, real estate, private debt and other alternative strategies.
“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,” Petrillo said.
Secondaries Investor revealed in December that Sebastien Burdel and Luca Salvato would form Spring Bridge. They were investment partners at Coller until 2016 when they left the secondaries powerhouse after 13 and 16 years respectively.