Introducing Norwest Capital: A Letter from Managing Partner Tim DeVries

Since our founding in 1961, we have had many inflection points and today marks a pivotal moment for our firm. We are proud to share that Norwest Equity Partners (NEP) and Norwest Mezzanine Partners (NMP) will now operate under one, independent entity as a registered investment adviser with the SEC, Norwest Capital Advisors (Norwest Capital).

This new chapter for Norwest Capital includes the addition of several new limited partners in our funds. Wells Fargo, until now our primary institutional limited partner, has sold its investments in certain NEP and NMP funds to a group of premier global private equity and private capital investors, including Adams Street Partners, AlpInvest Partners, Atalaya Capital Management, Hamilton Lane, Lexington Partners, Pantheon, Pomona Capital, and Unigestion.

We are immensely grateful to Wells Fargo for their longstanding partnership and for their support as we embark on the next phase of our firm’s growth and evolution.

Where exactly do we go from here? We are energized by the expanding horizon of opportunities we see ahead. But our focus will remain steadfast on executing the NEP and NMP investment strategies that have made Norwest Capital the firm it is today.

Led by Sundip Murthy, Brian Allingham, Tony Armand and myself, our NEP platform will continue to seek to invest in growing and profitable middle-market companies primarily across the business services, consumer services, consumer products and industrials sectors. As we have done for several decades, we will seek to find and fuel what’s working in successful companies to help build them into industry leaders.

Our NMP strategy, led by Carter Balfour, John Hogan, and Sean Stevens, partners with private equity sponsors to create subordinated debt and equity capital solutions for their portfolio companies. Delivering on the core mission of NMP since its inception, the team will continue to seek to provide creative and flexible investment solutions that align interests for all parties involved.

We have considerable momentum as we move into the future as Norwest Capital. In the past six months, NEP has invested in a new platform company, Nationwide Organ Recovery Transport Alliance, realized two exits with eyebobs and Bix Produce, and supported portfolio companies on multiple add-on acquisitions. NMP has invested in a new platform, AllOver Media, and supported its financial sponsor partners on two add-on acquisitions. We continue to expand our presence in the southeast US market following the recent opening of our West Palm Beach office, and we look forward to unveiling our new downtown Minneapolis office location at the end of October.

I am grateful to our team, portfolio companies and business partners who have helped Norwest Capital get to this point. Onward!

Tim DeVries, Managing Partner, Norwest Capital