FORTUNE -- The U.S. private equity team of Bahrain-based Arcapita has spun out into an independent firm called Eagle Merchant Partners, Fortune has learned.
The Atlanta-based group will continue to manage several legacy Arcapita investments, including portable storage company PODS and apparel retailer J. Jill. Going forward, it plans to focus on middle-market businesses in the consumer, business services and industrial sectors. Target companies will have revenue of between $20 million and $200 million, and EBITDA of between $5 million and $40 million.
While with Arcapita, the team invested over $1 billion, into such companies as Caribou Coffee, Church's Chicken and Loehmann's.
The news comes just days after Arcapita emerged from U.S. bankruptcy protection, in a deal that The Wall Street Journal said represents "the first true post-financial-crisis debt restructuring by an Arab Gulf company."
No word yet on Eagle Merchant Partners' capital availability or fundraising plans. Calls made to partner Stockton Croft were not returned.
Sign up for my daily email newsletter on deals and deal-makers: GetTermSheet.com
|Ousted Yahoo exec gets $58 million golden parachute|
|Canadians arrest a Heartbleed hacker|
|Hybrid laundromat-cafes are popping up across the country|
|US Airways won't fire worker who sent lewd tweet|
|Nearly 2 million homeowners no longer 'seriously' underwater|