SKM goes Parallel

Dallas-based private equity firm SKM Growth Investors has been rechristened Parallel Investment Partners, following the merger of parent firm Saunders Karp & Megrue with Apax Partners.

SKM Growth Investors, formerly the mid-market arm of private equity firm Saunders Karp & Megrue, has renamed itself Parallel Investment Partners

SKM became independent in April, after Stamford, Connecticut-based Saunders merged with the US arm of global private equity firm Apax Partners. Parallel is still working with Apax to invest the fund’s remaining capital, as well as manage investments from SKM’s third fund.

In a statement, Parallel said the new moniker “symbolizes the firm’s long-established track record of aligning its interests with business owners, investors and deal sources.”

Parallel’s current $735 million (€599 million) fund, SKM III, was launched in 2000 and is approximately 75 percent invested.

SKM announced its plans to become independent at the time of the merger. It had been a part of Saunders since 1999, focusing on investments in the lower middle-market via recapitalizations, growth-capital investments and buy-outs.
Barron Fletcher, SKM Growth Investor’s managing director, founded the growth investment partnership with Saunders Karp to expand into the small-company buyout market.

Earlier this summer, the firm sponsored the formation of JetStar Energy Services, via the recap of two oilfiled services concerns. In February 2004, SKM Growth Investments announced the successful realization of hat retailer Hat World; the firm announced the profitable sale of its investment in WG Energy in January.