Norwest Equity Partners Opens Office in South Florida

May 04, 2022


Leading Investment Firm Expands its Capacity to Invest in and Build Middle-Market Companies

MINNEAPOLIS, MN AND WEST PALM BEACH, FL – Norwest Equity Partners (NEP), a leading middle-market investment firm, having invested in over 400 companies and raised over $7 billion in assets, has officially opened its new West Palm Beach office.

NEP has had a small team of investors in the Florida market since 2019, investing in companies throughout the nation with a particular emphasis on those in the Southeastern corridor. The office is led by Tim DeVries, NEP Managing Partner, who oversees the firm’s growth strategy, and Sundip Murthy, NEP Partner.

The NEP Florida office is at 360 Rosemary, a 300,000 square-foot Class-A office building within the neighborhood at The Square in West Palm Beach. With plans for continued growth, the NEP office is currently home to a team of 15 investment staff and operations professionals, all of whom work cross-functionally with team members in the firm’s Minneapolis office.

NEP’s most recent Southeast deal was its 2021 investment in Georgia-based recteq, a designer, marketer, and direct seller of premium pellet grills, accessories, and other consumable products. In the last year alone, NEP has successfully invested in three new platform companies and exited four companies, with locations across the U.S.

NEP invests in growing and profitable companies across diverse industries, including consumer, agriculture, business services, industrials, energy services, and healthcare. In addition to investing, NEP offers a broad and deep network of relationships and resources to help companies achieve sustainable operational excellence.

The Florida office announcement comes on the heels of the addition of NEP Operating Advisor Billy Hegeman, who is based in the Southeast. Hegeman advises portfolio companies on ways to grow and add value through digital transformation and new ecommerce revenues.

“The Southeast region is a new and important epicenter for growing, private companies. Our proximity allows us to invest and partner with companies in our unique way,” said DeVries and Murthy. “We hear from the leaders of our portfolio companies that NEP’s collaborative approach and respect for their vision sets us apart from other sources of capital. We’re considered long-term investors – focusing on supporting strategy, scaling the business, and performance. For many of our portfolio companies, NEP is the first outside investor. We play a key role in making companies the best they can be.”

About Norwest Equity Partners

Founded in 1961, Norwest Equity Partners (NEP) is a leading middle market investment firm that invests equity capital in companies that are leaders in their industry, with proven business models that demonstrate the ability to generate profits. NEP has extensive experience with management buyouts, recapitalizations and growth financings, including working with founder and family-owned companies. Targeted equity investment size range for each transaction is $50 MM-$250+ MM and focus industries for investment opportunities include agriculture, business services, consumer, distribution, industrials, energy, and healthcare. Raising more than $7 billion in capital over the years, NEP is currently investing from its NEP X fund. More information can be found on www.nep.com.