NEW YORK and DALLAS, July 8, 2024
/PRNewswire/ -- Wafra Inc. ("Wafra")
today announced a strategic investment in Citation
Capital ("Citation"), a private equity firm specializing
in partnering with founder- and family-led businesses.
The investment comes from Capital Constellation
("Constellation"), a collaboration of the world's premier
institutional investors backing the next generation alternative
investment firms, advised by Wafra.
Citation, founded in 2023 by Tiffany
K. Hagge and Lydie B. Hudson, specializes in mid-cap
buyout investments in the services, industrial and select consumer
sectors in North America. The
Citation team has a track record of successfully deploying
substantial capital in resilient businesses while preserving and
compounding the legacies of families and founders. In October 2023, Citation announced its first
investment, acquiring a majority stake in "better for you" snack
manufacturer Cibo Vita, and in March 2024, formalized a partnership with
Ownership Works to implement broad-based shared ownership programs
within its portfolio.
"We are proud to welcome Wafra as our partners, and believe this
investment underscores conviction in Citation, our strategy and the
culture that Lydie and I have intentionally built alongside our
team," said Tiffany K. Hagge, Co-Founder, Managing Partner at
Citation. "As we partner with families and founders to scale and
enhance their legacies, we are thrilled to be part of the
Capital Constellation platform, which has an exceptional
global reputation in identifying and backing premier managers."
Lydie B. Hudson, Co-Founder
and President of Citation, added, "This strategic partnership
will support the long-term ambitions of Citation as we continue to
scale our firm. We are excited to be aligned with a leading
investment platform like Capital Constellation and look
forward to collaborating with the Wafra team and the exceptional
underlying investors in the Constellation strategy to continue
executing on our vision and investment thesis."
"We have been very impressed with Citation and what Tiffany,
Lydie and the team have achieved to date," said Adel Alderbas,
Chief Investment Officer of Wafra and President of Capital
Constellation. "Constellation looks to back the
most innovative and exciting emerging
managers in the market; Citation has forged a
differentiated strategy in the middle market, and we believe
it is well positioned to build and thrive over decades to
come."
"The Citation team brings something different to the market in
their dedicated focus on founder and family-owned opportunities,"
said Gustavo Cardenas, Managing
Director at Wafra. "This is a firm that is exactly what
Constellation looks for – a founder team that has worked and
invested together for a sustained period and highly attractive
initial acquisitions that demonstrate they have the ability to
source and execute differentiated investments."
Gibson, Dunn & Crutcher LLP served as legal advisor to
Wafra. Kirkland & Ellis LLP served as legal advisor to
Citation.
About Citation Capital
Citation is a next
generation private equity firm specializing in control investments
in founder and family-owned businesses across
the services, consumer and industrial sectors
in North America. Founded in 2023, the firm is built
on shared values and a relentless focus on performance, generating
value through a hands-on, differentiated approach. Citation is
headquartered in Dallas,
TX, with an additional office in Greenwich,
CT.
About Wafra
Wafra is a global alternative investment
manager with approximately $30
billion of assets under management across a range of
alternative assets, including strategic partnerships, real estate,
and real assets. By providing flexible and accretive capital
solutions and focusing on long-term partnerships, Wafra aligns and
partners with high quality asset owners, companies, and management
teams. Headquartered in New York,
Wafra has additional offices in London and Bermuda. For more information, please
visit www.wafra.com.
About Capital Constellation
Advised by Wafra
and founded in partnership with a select group of
institutional asset owners, Capital Constellation is an innovative
partnership, designed as a collaborative asset owner platform with
significant capital and expertise from some of the world's premier
institutional investors. Capital Constellation pursues a private
equity strategy to launch and accelerate the next
generation of alternative asset management firms. The
platform fosters partnerships with talented investment
teams that can create aligned, substantial and lasting
benefits for both asset owners and alternative asset
managers.
Contact
Prosek Partners
pro-wafra@prosek.com
pro-citation@prosek.com
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SOURCE Wafra