Rich Boone is a Partner at Wilson, Elser, Moskowitz, Edelman & Dicker LLP in New York. A limited number of subscriptions are still available for accredited investors. To provide seed money, we launched our latest fund, creatively named Legend Capital Fund IV LP. Legend Capital has assembled an unbelievably strong team for Capital Provisions, which began operations in July of 2020. However, we believe there is an opportunity to grow to over $100 million. In 5 years, Capital Provisions’ base case plan is to create a $25 million company with over 5,000 vending machines and 100 micro markets. That company will build on the lessons learned with Legend Foods, but will also employ its own unique strategies.Ĭapital Provisions is initially based in San Diego but is implementing a scalable business model and will grow through tuck-in acquisitions throughout California and the Western States. Accordingly, Legend Capital has founded a second company focused on the West Coast, Capital Provisions. However, it is is currently focusing only on the New England and Mid-Atlantic regions. Legend Foods is a strong and growing company, well on its way to becoming a major player in the industry. Legend Capital Fund III LP, in partnership with a larger private equity firm, provided the seed money for the company. What started as a $3.5 million operator is now a $35 million company in its third year of operations, with plans to exceed $100 million by its fifth. That opportunity became Legend Food Service, which opened its first location in Connecticut in 2018 and has since expanded its focus across New England and the Mid-Atlantic. In raising money for these funds, Legend Capital identified an opportunity in the market for a new company that could take advantage of an extremely favorable acquisition environment in the vending industry and leverage industry-leading technology to transform under-performing, small to mid-market vending operations into a consolidated and highly-profitable company These funds seek to help vending operators deploy technology that can substantially increase their profits and also assist Vagabond customers who are already high-producers to expand their business in other ways. In the case of Legend Capital’s first two funds, Legend Capital Fund I LP and Legend Capital Fund II LP, we have partnered with Vagabond Vending – a nine year old business that builds software, communications and operations technology for the $26 billion U.S. All of Legend Capital’s investments are placed with businesses with whom we have an existing relationship, where there is a high level of visibility into the business’ operations, and where technology can dramatically increase earnings. Each fund is built with a specific investment strategy, which is outlined before the fund starts. ![]() Legend Capital funds are focused on building small businesses into larger ones using scale and technology to enhance their profitability. Those opportunities often require a minimum investment in the hundreds of thousands. ![]() To do so, Legend Capital pools resources from accredited investors who otherwise would not have access to private equity transactions that can produce higher than average returns. The firm was founded on the premise of providing “regular” people with an outlet to make investment returns that are generally reserved for the very wealthy. Legend Capital focuses on conservative investment opportunities with relatively small American businesses.
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