Tuesday, December 2, 2008

N.H. home to new VC firm Harbor Light Capital Partners

By Galen Moore

The former owners of Markem Corp. have launched a new private investment firm, officials report. Harbor Light Capital Partners will be based in Keene, N.H., and will invest in early- and growth-stage companies, with a focus on long-term investment, firm officials said.

Harbor Light’s investment managers are former Markem executives Todd Warden and Darby Kopp, as well as Richard Upton, founder and former president of boutique investment bank Upton Advisors LLC.

The company will make two kinds of investments, Warden said in an interview Tuesday. Less than half the new firm’s investments will be small amounts for early-stage startups. These are likely to follow a traditional venture capital model with exits in 5 to 10 years. However, the company will look to put the lion’s share of its investment dollars into more mature companies that it can continue to build in its portfolio over the long-term, Warden said. “The growth capital side are those where it’s more likely we can hold them for a long period of time,” he said. “We think that’s the way to really build value and build jobs.”

Investments will range from $1 to $5 million, the company stated.

Harbor Light plans to pursue investment opportunities outside the Boston metro area, looking to other New England states and Western Massachusetts, Warden said. Smaller investments will likely focus on technology and life sciences sectors, but larger investments may play to the parent company’s experience in the manufacturing sector.

Harbor Light begins with a $30 million-plus fund, the proceeds from the 2006 sale of two product identification businesses – Dimatix to Fujifilm Corp. (Nasdaq: FUJI), and Markem Corp. to Dover Corp. (NYSE: DOV).