Building Exceptional Companies and Lasting Relationships
Fruition Partners is a lower middle market private equity firm based in Denver, Colorado. Bringing together teams, strategy, capital, and the most important element, execution, is our passion.
The founders of Fruition have worked together for many years and bring over 40 years of combined experience and 70+ closed transactions as investors in the lower middle market. From the outset of our investment, we focus on obtaining buy-in from the entire organization. In our experience, this alignment enhances a team’s ability to execute and create scalable, high-functioning organizations that deliver outlier returns. Together we bring focus, hard work and fun to the value creation process.
We recognize that growing earnings and being the best in one’s respective market requires the efforts of many. While macro trends are important, it’s the team that will identify and capitalize on opportunities or pivot strategies when necessary to continue building a great company in dynamic environments. As such, Fruition focuses on understanding and leveraging the strengths of senior management and the broader organizational team to help convert strategy to action and ultimately reaching the team’s desired results. We build real relationships with our entrepreneur partners in order to craft impactful investment theses and winning business strategies. Obtaining buy–in and alignment not only with the senior executive team but also the entire organization is critical. In our experience, this alignment enhances a team’s ability to execute and create scalable, high-functioning organizations that deliver outlier returns.
FRUITION PARTNERS STRATEGY
- $2 -$20mm of EBITDA
- Recurring services and consumable products
- Entrepreneur owned or led
- Majority recaps; we like rollover equity
- Actionable add-on acquisition opportunities
- Organic growth potential with sizeable TAM
SECTORS OF EMPHASIS
Avizent, headquartered in Dublin, Ohio, was formed to acquire regional third party administrators serving the self-insured and high-deductible workers’ compensation market. From 2007 through 2011, the company built the only fully-integrated (vs. subcontracted/outsourced) service offering including claims and self-insured group administrtion, loss control and a suite of managed care services including pre-certification, scheduling, utilization review, medical bill review and network access services. By integrating these functions, Avizent was able to minimize the overall workers’ compensation costs for its clients.
Jacent was formed in 2016 by the merger of LaMi Products and ATA Retail Services, two pioneers in impulse merchandising with a combined 60 years of experience. Jacent sources, warehouses, ships and stocks over 3,500 impulse items to more than 14,000 retail stores across the US and Canada. The company creates strategic merchandising plans for each store-then places the ideal impulse items in the ideal locations, with follow-up re-ordering and re-stocking. In addition to the core impulse business, Jacent offers retail insights and services, such as audits and shelf stocking, to help stores run at peak efficiency.
Offen Petroleum is a leading wholesaler and distributor of over 1 billion gallons of motor fuel, lubricants and related products in 14 Rocky Mountain states. As one of the few speciality distributor platforms of scale with a comprehensive team, state of the art facilities, modern fleet distribution, and meaningful purchasing power from longstanding, diverse supplier relationships, Offen distributes over 17% of the fuel consumed in Colorado and 9% of the fuel consumed in PADD 4. Offen purchases fuel directly from multiple terminals daily and distributes it immediately to its customers. As such, Offen carries de minimis amounts of fuel inventory overnight and is exposed to minimal commodity price risk.
Subsea Global Solutions is a leading provider of underwater maintenance, repair, and marine construction solutions for vessels and ports throughout the world. With offices in 12 locations strategically located in both domestic and international cities, Subsea has the footprint to offer routine maintenance and cleaning services globally and the ability to mobilize quickly for scheduled and unscheduled/emergency repairs. Subsea’s customer base includes cruise lines, commercial shipping companies, offshore oil and gas operations, municipal ports, the U.S. military and insurance companies.
Varel International (“Varel”), headquartered in Dallas, Texas, designs and manufactures both roller cone and polycrystalline diamond compact (“PDC”) fixed cutter drill bits used for oil and gas exploration, and is the world’s fifth largest bit manufacturer for the oil and gas industry. The Company also designs and manufactures roller cone bits used in mining applications where it has significant market share. All of Varel’s roller cone bits are manufactured at the Company’s Matamoros, Mexico facility. In addition, the company manufactures tungsten carbide inserts for its roller cone bits at its Dallas facility (at a 30%–40% discount to third party suppliers), making Varel one of two in the industry with in-house tungsten carbide insert manufacturing capabilities. The combination of lean manufacturing initiatives in the Matamoros, Mexico plant and in-house tungsten carbide insert manufacturing gives Varel a significant production cost advantage relative to its much larger U.S.-based competitors.
B.S. Marquette University
Jay Coughlon is a co-founder and Managing Partner of Fruition Partners, LLC. He brings over 20 years of private equity investing and platform leadership experience. Prior to Fruition, Jay was a co-founder and Managing Partner at Lariat Partners, leading several partner company relationships, including Jacent Strategic Merchandising (consumer products and services), SubSea Global Solutions (niche, marine industrial services), and Offen Petroleum (specialty distribution). Prior to co-founding Lariat Partners in January 2013, Jay was a Managing Director and member of the investment committee of KRG Capital, a Denver-based private equity firm with over $3 billion of capital under management. During his tenure there, Jay closed 36 platform and add-on acquisitions and served on numerous portfolio company boards including Fire & Life Safety America (infrastructure services), Varel (specialized oil and gas equipment), and Avizent (workers comp claim management), amongst others. Jay started his career at Banc of America Securities in middle-market Financial Sponsor Leveraged Finance.
Jay enjoys the outdoors as a cyclist and skier, has a penchant for red wine, and enjoys spending time with his three kids. He’s a Board member with the Saint Joseph Hospital Foundation and is a Founder and Board member of the Mile High Five Foundation.
Mac Hampden, CFA
B.S.B.A. University of Richmond
Mac Hampden is a co-founder and Partner of Fruition Partners, LLC. He focuses on new deal origination, diligence, execution, and ongoing company initiatives, with additional effort towards add-on acquisitions for existing partner companies. Prior to Fruition Partners, LLC, Mac was an investment professional and Vice President at Lariat Partners, LP, a Denver based lower middle market private equity firm. Prior to joining the Lariat team, Mac was an Associate in the Acquisition Finance Execution and Structuring group at SunTrust Robinson Humphrey (“STRH”), a middle-market investment bank in Atlanta, GA, where he was responsible for analyzing, structuring and committing capital to leveraged finance acquisitions of industrial, manufacturing, business services, financial technology, speciality finance, and health care companies. Prior to that, Mac was an analyst in the Financial Services & Technology investment banking group within STRH.
Mac holds the Chartered Financial Analyst designation.
B.S.B.A. University of Denver
Jason Urband is a co-founder and Partner of Fruition Partners, LLC. He is responsible for sourcing, assessing, executing new investments, and supporting management teams with value creation initiatives post-close. Jason has nearly 15 years of private equity investing, financing, and sell-side investment banking experience in the middle market in a variety of industries including: tech-enabled services, niche manufacturing, industrial services, consumer products, services, software, and specialty distribution. Jason has experience as an operator and was most recently the interim CEO of a specialty chemical marketer and distributor. Jason served on the Boards of Jacent Strategic Merchandising and Offen Petroleum until they were sold to sponsors in 2019. Jason is currently a director of Willowood USA.
Prior to Fruition Partners, Jason was a Partner at Lariat Partners a middle-market private equity fund. Prior to Lariat, Jason was an investment professional at Grey Mountain Partners where he was involved in sourcing, deal execution, fundraising for two institutional funds, actively monitoring partner companies, and on the Boards of multiple investments. Jason began his career an investment professional with a distressed focused firm funded by Fortress Investment Group and a middle market investment banker, most recently with RBC Capital Markets.
Jason enjoys the challenge of golf and playing tennis with his bride. He spends most of his free time watching his daughter and son compete on lacrosse fields, getting burned by them when skiing, and tending to a very needy Berne-Doodle, Louis. Jason is involved in various charities with an emphasis on supporting the Children’s Hospital of Colorado and Colorado Academy.