|Predecessor||Wachovia Capital Partners|
|Headquarters||Charlotte, North Carolina, United States|
|Products||Growth capital, Leveraged buyout|
|Total assets||$3.5 billion|
Number of employees
|Parent||Wells Fargo (prior), Wachovia (prior), First Union (prior)|
Pamlico Capital, formerly Wachovia Capital Partners and previously First Union Capital Partners, is an independent private equity firm focused on growth capital and leveraged buyout investments in middle-market companies in the business services, technology services, telecommunications and healthcare industries.
The firm, which is based in Charlotte, North Carolina, was founded in 1988 as the private equity investment arm of First Union Corporation. The firm has invested approximately $3.8 billion in more than 200 companies since inception across two funds.
The firm is named for the Pamlico Sound, which is located in North Carolina.
Among the firm's notable investments are Integrated Broadband Services, Three Eagles Communications and Heartland Publications, Bell Sports Inc., House of Blues, Jostens, Martin Marietta Materials, Metaldyne, Hosting.com, Ruth's Chris Steak House, Kinder Morgan, CapitalSource, Grupo Corpativo Ono, MetroPCS, Univision Communications, Triton PCS and YankeeNets.
Spinout from Wells Fargo
Founded as First Union Capital Partners in 1988, the firm served as the private equity investment arm of First Union, a commercial bank based in Charlotte. The firm changed its name to Wachovia Capital Partners following the merger of First Union and Wachovia in 2001, under Managing Partners Scott Perper, currently serving as Head of Pamlico Capital, and Ted Gardner.
In 2005, Frederick (Eric) W. Eubank and L. Watts Hamrick, among the original partners at conception of First Union Capital Partners, were named Managing Partners of the firm alongside Scott Perper, Chief Financial Officer Tracey M. Chaffin, and Partners: Art C. Roselle, Walker C. Simmons, and Scott R. Stevens; all of whom remain with the firm to date.
As a captive private equity investment arm, the firm focused on growth capital, leveraged buyout and mezzanine capital investments in middle-market companies across a range of industries. The firm invested both as the lead investor or an equity co-investor alongside other financial sponsors.
During the financial crisis of 2008, the firm's parent, Wachovia was acquired by Wells Fargo, which had an existing private equity platform, Norwest Equity Partners. In March 2010, the firm completed a spinout from Wells Fargo.
Pamlico Capital Fund III
In October 2013, Pamlico Capital closed Fund III at $650 million, well-exceeding the original goal of $500 million. Pamlico Capital III is the first fund raised after the spin-out from Wells Fargo in 2010. While previous Funds had a majority investment from the financial institution, Pamlico Capital III exclusively includes outside investors: AlpInvest Partners, Constitution Capital Partners, GE Pension Trust, HarbourVest Partners, affiliates of Hartford Investment Management Company (HIMCO), HOOPP Capital Partners (the private equity arm of the Healthcare of Ontario Pension Plan), John Hancock Financial Services, SCM Strategic Capital Management, AG and TIAA-CREF.
- Three Eagles Communications Announces Recapitalization. March 29, 2002
- "Heartland Publications Acquisitions". Heartland Publications. October 1, 2007.
- "Wachovia Capital Partners Buys Majority Interest in Cable, Broadband Services Firm". WRAL TechWire. Retrieved 22 June 2012.
- Adam O'Daniel (October 8, 2013). "Pamlico Capital raises $650M in first post-Wachovia fund". Charlotte Business Journal.