CLEVELAND and BOSTON, Nov. 10, 2016 /PRNewswire/ -- MPE Partners ("MPE" or "Morgenthaler Private Equity"), a lower middle market private equity firm based in Cleveland, OH and Boston, MA, is pleased to announce the closing of its oversubscribed second fund, MPE Partners II, at the hard cap of $250 million. The firm launched fundraising in April 2016 and did not use a placement agent.
"We are extremely proud of the quality of our existing and new limited partners and are gratified by their strong support. In addition, we're very pleased that all of the institutional investors in Fund I committed to Fund II," commented Peter Taft, Partner at MPE. "More than 30 investors committed to Fund II, including global asset management firms, insurance companies, family offices, foundations, and high net worth individuals," noted Joe Machado, Partner at MPE. MPE has invested in companies such as dlhBOWLES, a designer and manufacturer of engineered plastics and fluid flow solutions for the automotive, consumer, and industrial markets; Trachte, a manufacturer of pre-assembled control buildings; B&E Group, a manufacturer of complex, precision machined aerospace and defense components and provider of overhaul and repair services for commercial aviation; Polytek, a manufacturer of specialty chemicals for industrial and consumer applications; and United Pipe & Steel, an independent master distributor of steel pipe, copper tubing, plastic pipe, electrical conduit, and related products.