| Type | Private company |
|---|---|
| Industry | Private equity |
| Predecessor | Wachovia Capital Partners |
| Founded | 1988 |
| Headquarters | Charlotte, North Carolina, United States |
| Products | Growth capital, Leveraged buyout |
| Total assets | $3.5 billion |
| Employees | 20+ |
| Parent | Wells Fargo (prior), Wachovia (prior), First Union (prior) |
| Website | www.pamlicocapital.com |
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.
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Among the firm's notable investments are Integrated Broadband Services, Three Eagles Communications[1] and Heartland Publications[2], 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.
Originally 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.
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.[3]
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