Philadelphia, PA - February 24, 2003 - Independence Capital Partners announced its formal launch today to the broad investment community.
Independence Capital Partners ("ICP") is a family of leading private investment management firms comprising Lubert-Adler Real Estate, LLR Equity Partners, Quaker BioVentures and LEM Mezzanine (collectively, the "Member Firms"). Each Member Firm is individually and separately owned by its senior investment managers and makes active investments in distinct, non-competitive asset classes.
Operating under the ICP umbrella, the Member Firms receive both scale and efficiency benefits. Because the firms have complementary investment focuses, the Managers are able to proactively cross-fertilize ideas, leverage internal expertise and share networks and resources. Specifically, ICP is able to leverage support functions across Member Firms to deliver highest quality services in the most cost effective manner.
Formed in 1997, ICP has approximately $2.0 billion of capital under management by its Member Firms, responsible for real estate, venture capital and buyout transactions. Collectively, ICP has 55 employees, including 35 investment professionals. The principals of the ICP family have personally committed over $50 million to the respective Member Firms.
Ira Lubert, a co-founder and principal of each of the Member Firms said, "We created this fund family in 1997 and the Member Firms have been leveraging the shared organization fully since 1999. Given our collective scale, resources and market position, we felt the timing was right to formalize a unified umbrella brand to better represent one of the premier private equity platforms."
Dean Adler, co-founder and principal of the Lubert-Adler Member Firm added, "Individually and in the aggregate, the Member Firms of Independence Capital Partners possess exceptional investment talent and expertise. ICP affords each of our Member Firms the ability to tap the collective knowledge, experience and relationships of the larger team. ICP gives us a competitive advantage in the marketplace."
ICP Member Firms conduct their investment activities independently, but share investment expertise and utilize a common infrastructure. The collective knowledge and capabilities of ICP provide its Member Firms with a competitive advantage versus smaller stand-alone funds in the region. The aggregate Member Firm networks offer a rich foundation from which investment opportunities may be generated and developed. Member Firms also leverage ICP's deep investment expertise to develop creative solutions and drive optimal investment decisions. v Member Firms leverage the broader ICP partner group to address a range of needs including senior executive and board member recruitment; and identification and introduction to potential joint venture partners, customers and strategic acquirers. Additionally, all ICP Member Firms share a fully integrated, centralized back office that comprises a ten-person team that covers finance, accounting and tax, compliance, risk management and insurance, information technology, investor relations and human resources.
Please visit our new ICP website at www.icpartners.com to learn more.
About Participating ICP Member Firms:
Lubert-Adler
Lubert-Adler manages three funds with $1.3 billion in equity and $3.5 billion in assets. Lubert-Adler is a redeveloper of real estate with a low-cost basis, value-added investment strategy. The firm often makes opportunistic acquisitions of properties and creates value through change of use (i.e., from an obsolete office building to first-class apartments). Lubert-Adler executes its strategies through a network of 40 operating partners nationwide across all sectors including multifamily, office, hospitality, retail and industrial.
www.lubertadler.com
LLR Partners
LLR Partners is a $260 million private equity firm providing capital to companies with strong growth potential, proven business models and outstanding management teams. Focused on middle market companies in the Mid Atlantic region, LLR Partners targets buyout, recapitalization and expansion capital investments, but will also consider other investments such as private investments in public companies. LLR Partners primarily makes investments of $5 million to $25 million across a broad range of industries including business services, information technology, healthcare services, financial services, consumer and retail.
www.llrpartners.com
QuakerBioVentures
Quaker BioVentures is a $200 million life sciences venture capital fund focused on investment opportunities in the Mid-Atlantic region, from New York to North Carolina. Quaker BioVentures targets opportunities across the healthcare sector, including human therapeutics, medical devices, platform technologies, diagnostics, healthcare information technology and healthcare services. Quaker BioVentures seeks to lead investments in companies at all stages of development, and typically invests between $5 million and $20 million in each company.
www.quakerbio.com
LEM Real Estate Mezzanine
LEM Real Estate Mezzanine is a $150 million private equity fund providing mezzanine debt and preferred equity for owners of middle market real estate. LEM is a direct lender focusing on multifamily, office, retail and industrial properties nationwide, generally valued in the $10 million to $60 million range and makes investments of between $2 million and $10 million per property.
Contact:
Larry Hollin
Independence Capital Partners
1811 Chestnut Street, Suite 700
Philadelphia, PA 19103
215-717-2900
