Pamlico Capital, formerly Wachovia Capital Partners and previously First Union Capital Partners, is an independent private equity

Private equity

Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....

 firm focused on growth capital

Growth capital

Growth capital is a type of private equity investment, most often a minority investment, in relatively mature companies that are looking for capital to expand or restructure operations, enter new markets or finance a significant acquisition without a change of control of the business.Companies...

 and leveraged buyout

Leveraged buyout

A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...

 investments in middle-market companies in the business services, technology services, telecommunications and healthcare industries.

The firm, which is based in Charlotte, North Carolina

Charlotte, North Carolina

Charlotte is the largest city in the U.S. state of North Carolina and the seat of Mecklenburg County. In 2010, Charlotte's population according to the US Census Bureau was 731,424, making it the 17th largest city in the United States based on population. The Charlotte metropolitan area had a 2009...

, was founded in 1988 as the private equity investment arm of First Union Corporation

First Union Corporation

First Union Corporation was a banking company providing commercial and retail banking services in eleven states in the eastern U.S. First Union also provided various other financial services, including mortgage banking, credit card, investment banking , investment advisory, home equity lending,...

. 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

Pamlico Sound

Pamlico Sound in North Carolina, is the largest lagoon along the U.S. East Coast, being long and 24 to 48 km wide. It is a body of water separated from the Atlantic Ocean by the Outer Banks, a row of low, sandy barrier islands, including Cape Hatteras. The Neuse and Pamlico rivers flow in...

, which is located in North Carolina.

Investments

Among the firm's notable investments are Integrated Broadband Services

Integrated Broadband Services

Integrated Broadband Services is providing managed, integrated broadband to broadband providers in the United States, Canada, Latin America, and the Caribbean. Serving over 230 broadband providers that support more than one million modems worldwide, IBBS provides both residential broadband services...

, Three Eagles Communications

Three Eagles Communications

Three Eagles Communications, Inc. is a media company based in Lincoln, Nebraska. It operates 50 radio stations in Nebraska, Colorado, Iowa, Minnesota, and South Dakota. Rolland Johnson is chief executive officer, and Gary Buchanan is president and chief operating officer.The company was acquired...

 and Heartland Publications

Heartland Publications

Heartland Publications is a Connecticut-based owner of small to medium market newspapers. Heartland Publications LLC formed in May 2004 and started out by acquiring 24 publications from CNHI newspaper group. They currently own 48 paid circulation newspapers located in Georgia, Kentucky, North and...

, Bell Sports Inc.

Bell Sports Inc.

Bell Sports, a division of Easton-Bell Sports, is a manufacturer of bicycle, auto racing, and motorcycle helmets. Easton-Bell Sports also owns the Riddell football helmet and Giro bicycle helmet brands....

, House of Blues

House of Blues

House of Blues is a chain of 13 live music concert halls and restaurants in major markets throughout the United States. House of Blues first location was in Cambridge's Harvard Square. It was opened in 1992 by Isaac Tigrett, co-founder of Hard Rock Cafe, and Dan Aykroyd, star of The Blues Brothers...

, Jostens

Jostens

Jostens is an American company providing yearbooks and class rings for various high schools and colleges as well as championship rings for sports, including the Super Bowl rings....

, Martin Marietta Materials

Martin Marietta Materials

Martin Marietta Materials is in the aggregate, chemical, and composite material business. It is the second largest producer of crushed stone, sand, and gravel in the United States behind Vulcan Materials Company. It is a leading U.S. producer of magnesia-based chemical products used as additives...

, Metaldyne, Hosting.com, Ruth's Chris Steak House

Ruth's Chris Steak House

Ruth's Chris Steak House is a chain of more than 121 steakhouses across the United States and in several international locations. The restaurant is regarded as an upscale fine dining establishment, marking a gradual elevation in its status since its founding in the 1960s...

, Kinder Morgan

Kinder Morgan

Kinder Morgan, Inc. is an American energy company. It is also, through a subsidiary, the general partner of and owner of many of the interests in Kinder Morgan Energy Partners, a publicly traded pipeline and terminal limited partnership....

, CapitalSource, Grupo Corpativo Ono, MetroPCS

MetroPCS

MetroPCS Communications, Inc. , formerly known as General Wireless, Inc., is an American mobile phone service provider. It operates the fifth largest mobile telecommunications network in the US, with 8.9 million subscribers as of May 2011...

, Univision Communications

Univision Communications

Univision Communications is an American Spanish language media company in the United States. Its headquarters are in Midtown Manhattan, New York City. Prior to 2007, the headquarters were in Century City, Los Angeles, California, USA.- History :...

, Triton PCS and YankeeNets.

Spinout from Wells Fargo

Originally founded as First Union Capital Partners in 1988, the firm served as the private equity

Private equity

Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....

 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

Wachovia

Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo in 2008, Wachovia was the fourth-largest bank holding company in the United States based on total assets...

 in 2001.

As a captive private equity investment arm, the firm focused on growth capital

Growth capital

Growth capital is a type of private equity investment, most often a minority investment, in relatively mature companies that are looking for capital to expand or restructure operations, enter new markets or finance a significant acquisition without a change of control of the business.Companies...

, leveraged buyout

Leveraged buyout

A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...

 and mezzanine capital

Mezzanine capital

Mezzanine capital, in finance, refers to a subordinated debt or preferred equity instrument that represents a claim on a company's assets which is senior only to that of the common shares...

 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 sponsor

Financial sponsor

A financial sponsor is a term commonly used to refer to private equity investment firms, particularly those private equity firms that engage in leveraged buyout or LBO transactions....

s.

During the financial crisis of 2008, the firm's parent, Wachovia was acquired by Wells Fargo

Wells Fargo

Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...

, which had an existing private equity platform, Norwest Equity Partners. In March 2010, the firm completed a spinout from Wells Fargo.

External links

• Pamlico Capital (company website)
• Wachovia Capital Partners (company website)