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List of Firms (VC & PE) in Florida Details about firms - Private Equity Florida Brockway Moran & Partners Trivest Partners Private equity vs a Strategic buyer: How are the deals financed? Tax issues: Interview on Squawk Box:  Top Industries in Florida (a VC's perspective) BioTech Venture Capital & the Furniture Business  More Venture Capital in Florida Finding Entrepreneurs in Florida: Networking & Events State-funded VC activity in Florida Trends in Private Equity

 

 

List of Firms (VC & PE) in Florida

see also: Global Directory of Funding

 

 

Venture Firm Company	Type	City	State
Bay County Small Business Incubator	Incubator	Lynn Haven	Florida
Beaver Street Enterprise Center	Incubator	Jacksonville	Florida
Center for Technology Enterprise & Development Inc	Incubator	Delray Beach	Florida
Enterprise Development Corporation of South Florida	Incubator	Boca Raton	Florida
Enterprise North Florida Corporation	Incubator	Jacksonville	Florida
Florida NASA Incubation Center	Incubator	Titusville	Florida
Gainesville Technology Enterprise Center	Incubator	Gainesville	Florida
Jay Malina International Trade Consortium	Incubator	Miami	Florida
Sid Martin Biotechnology Development Institute	Incubator	Alachua	Florida
Southwest Florida Enterprise Center	Incubator	Fort Myers	Florida
STAR Technology Enterprise Center	Incubator	Largo	Florida
The Adaugeo Group	Incubator	Pensacola	Florida
University of Central Florida Technology Incubator	Incubator	Orlando	Florida
Advantage Capital Partners	Private Equity	St. Petersburg	Florida
Hispania Private Equity	Private Equity	Miami	Florida
Grotech Capital Group	Private Equity	Boca Raton	Florida
KLH Capital, L.P.	Private Equity	Tampa	Florida
Power Equities, Inc.	Private Equity	Jacksonville	Florida
North American Funds	Private Equity	Fort Lauderdale	Florida
VC Intermediary, LLC	Private Equity	Plantation	Florida
GreenLeaf Investment Management and Counsel	Venture Association	Boca Grande	Florida
Easton Hunt Capital Partners, L.P.	Venture Capital	Miami	Florida
Antares Capital Corporation	Venture Capital	Miami Lakes	Florida
AAY Investments Group	Venture Capital	Sunrise	Florida
GunnAllen Venture Partners	Venture Capital	Tampa	Florida
J.P.Williams Associates L.L.C.	Venture Capital		Florida
MetaTech Ventures, LLC	Venture Capital	Orlando	Florida
Lee Munder Venture Partners	Venture Capital	Palm Beach	Florida
Banyan Mezzanine Fund, L.P.	Venture Capital	Miami	Florida
BOCF, LLC	Venture Capital	Tampa	Florida
Crossbow Venture Partners LP	Venture Capital	West Palm Beach	Florida
American Enterprises International Group	Venture Capital	Maimi	Florida
American Certified Capital	Venture Capital	Tampa	Florida
Inflexion Partners	Venture Capital	Orlando	Florida
HIG Capital	Venture Capital	Miami	Florida
Inflexion Partners	Venture Capital	Tampa	Florida
Inflexion Partners	Venture Capital	Gainesville	Florida
SI Ventures	Venture Capital	Fort Myers	Florida

 

 

 

Details about firms - Private Equity Florida

 

see also:  mid-market private equity

 

Brockway Moran & Partners

• smaller deals of <300 million
• focus on growth companies (not as focused on "family owned" sector like Trivest
• put 40 % equity in, and rest if financed with debt

 

Trivest Partners

Trivest Partners, L.P., a private investment firm, is a leading provider of equity for lower middle-market corporate acquisitions, recapitalizations and growth capital financings. Since its founding in 1981, Trivest has sponsored more than 145 acquisitions and recapitalizations, totaling more than $3.5 billion in value.

• http://trivest.com/index.asp 

• slightly smaller "space" than Brockway Moran & Partners
• most deals average $50-$150mm
• focus solely on "family owned businesses"
• trend is favorable as they focus on "baby boomers" generation aging, and offer PE as an option to this group of business leaders that dont want to sell out to a "strategic buyer" (who might change the culture of the firm), and instead partner up with a PE firm, who will preserve the culture, and give an equity option to the employees...."help transition and transform them"
• demographics play
• credit crunch less of a factor
• lower multiples than megadeals, putting less debt on the companies than the big deals (meaning that the credit crunch is less of a factor)
• key to success:  really connecting with the founder, and staying "under the radar" of the mega funds (by partnering more with business founders, you build relationship, and hope the business will chose you rather than the bigger PE funds)

 

Private equity vs a Strategic buyer:

• PE can be outbid by strategic buyers because they dont have the financing contingencies, and can do it off of their balance sheets

• sales pitch:  "PE as an option to this group of business leaders that dont want to sell out to a "strategic buyer" (who might change the culture of the firm), and instead partner up with a PE firm, who will preserve the culture, and give an equity option to the employees...."help transition and transform them"

 

How are the deals financed?

1. PE firms put cash in, and then they go externally looking for debt financing: 
2. But, recently....with the credit crunch, there are alot of people out of the market that dont have CDO's, CLO's, redemptions, secondary debt is trading now at high 80's to low 90's cents on the dollar
3. Brockway: "put 40 % equity in, and rest if financed with debt, and 60% of that is senior debt (Libor +400-450), and the rest is Mezzanine debt (15%)....which may be less leverage than goes into a home purchase.  see also our discussion about raising capital - ideas for the entrepreneur
4. see our discussion on private equity fund raising and Venture Capital Fund Raising

 

Tax issues:

• capital gains tax:  if there is a change in parties (US election '08), this tax will likely rise....effecting PE, and entrepreneurs

 

 

Interview on Squawk Box: 

• Making deals in Miami, with Peter Brockway, Brockway Moran & Partners, Inc.; Troy Templeton, Trivest Partners and CNBC's Joe Kernen
• http://www.cnbc.com/id/15840232?video=660462342

 

Top Industries in Florida (a VC's perspective)

 

BioTech

see article : "Southeast states vying for top spots as biotech hubs still in a horserace"

 

 

Venture Capital & the Furniture Business 

 

A venture capitalist firm has invested in Coconut Creek, Fla.-based Carls Patio Stores giving the outdoor living retailer the opportunity to expand its presence throughout the Sunbelt and California.   Cleveland-based Weinberg & Bell Group has made a "significant investment" in the company, said Jeff Baker, president of Carls Furniture. Carls Patio currently operates 12 stores in Florida and three in California. Baker said Carls Furniture and the management team are retaining about half of the ownership.

 

The deal has been in the works for about six months, Baker said, adding that a broker approached the retailer about partnering with Weinberg & Bell.

Weinberg & Bell focuses on middle-market companies for its investments. Carls Patio is not Weinberg & Bell's first step into the furniture business. The company lists Advance Sleep Concepts—The Spears Mattress Co. of Rome, Ga., which manufactures Englander bedding, as part of its portfolio. Gary Ecoff will remain president and a partner with Carls Patio.

 

"Because we sold the half, we ended up with a significant amount of capital," Baker said. "Now, we're very solid to weather the downturn."  Baker said Carls has now paid off all of its bank loans and extended its leases on Carls Furniture stores in North Palm Beach, Fla., and Stuart, Fla.

 

 

More Venture Capital in Florida

 

Venture capital investment down in Florida 

 Tuesday, April 22, 2008

 

Of the $115.5 million invested by venture capitalists in Florida during the first quarter, only $10 million landed in South Florida -- and all of that went to one company.

 

According to numbers released by PricewaterhouseCoopers, the National Venture Capital Association and Thomson Reuters, Valor Healthcare in North Miami received the region's only investment: $10 million from Aurora Funds, Noro-Moseley Partners and an undisclosed investor. Valor develops and operates outpatient clinics.

 

Florida's investment market is down 29 percent from the first quarter of 2007, when $162 million was invested in 14 companies, representing an average investment of $11.6 million. The $115.5 million in this year's first quarter was distributed among eight companies, marking an average investment of $14.4 million.

Nationwide, more than $7.1 billion was invested in 922 deals in the first quarter, the fifth highest since 2001.

 

"Venture capitalists still have large amounts of money in their coffers, therefore it's no surprise to see a solid level of investing continue," said Tracy Lefteroff, global managing partner of the venture capital practice at PricewaterhouseCoopers, in a news release. "VCs have weathered numerous economic cycles and will continue to fund companies with innovative ideas and solid business models, while they also stand behind their portfolio companies for the long term."

 

Florida still trails the nation's top five states that receive venture funding. California accounted for more than half of the nation's total, at $3.5 billion, or $8.5 million per deal. Massachusetts picked up $697.9 million in funding, representing nearly $7 million per deal.

 

New York had 51 deals worth $406.9 million, averaging slightly less than $8 million per deal. Texas and Colorado rounded out the top five, with $361.4 million and $297.7 million, respectively.

 

source:  South Florida Business Journal 

 

 

Finding Entrepreneurs in Florida:

see our discussion about startups in Florida

 

Networking & Events

 

see : http://www.floridaventureforum.org/

 

State-funded VC activity in Florida

 

Enterprise Florida Inc., the state's economic development and retention organization, is in the midst of creating a Florida Opportunity Fund. The fund will invest $30 million of its total of $35 million to invest seed capital and early stage venture capital funds.  The Florida Formation Act was enacted July 1 in an effort to fuel the economic development of startups and venture capital investments in Florida. As part of the legislation, the Florida Opportunity Fund will be established as part of the legislation and will earmark $30 million of its $35 million to in invest in seed capital and early stage venture capital funds. These investments would not go directly to individual businesses but would be comprised of a partnership with private venture capital funding, or through a fund-of-funds investment approach. Fund-of-funds is a vehicle designed to invest in a diversified group of funds.  read more here

 

 

Trends in Private Equity

 

The "credit crunch" may have dried up the "mega deals" of the recent past, but Private Equity of the middle market still seems to be doing very well, as is illustrated by some of the mid-market private equity firms in Florida.    Since the Credit crunch began, the mega deals of 1/2 billion or more are difficult to push through because of difficulty getting syndicates together, and securing enough debt.  In general, all multiples have come down (a turn to a turn and half)...See more of our private equity trends