UPDATE 1-Huntsman Gay raises $1.1 bln for first fund

* To invest in middle-market companies in various sectors

* To target companies with EBITDA of $25 mln to $50 mln

NEW YORK, July 15 (Reuters) - Private equity firm Huntsman Gay Global Capital raised $1.1 billion for its first fund, which it plans to use to invest in middle-market companies in various industries, the company said on Wednesday.

Huntsman Gay was co-founded by former Bain Capital managing director Robert Gay and Huntsman Corp (HUN.N) founder and chairman Jon Huntsman.

Other managing directors at the firm include NFL Hall of Famer Steve Young and former Citigroup (C.N) Chief Financial Officer Gary Crittenden, who was hired by Huntsman Gay last week.

The firm said it will target companies with $25 million to $50 million in EBITDA in industries including manufacturing, industrials, consumer products, technology, business and financial services, chemicals, infrastructure and healthcare. It has already acquired energy services company Turner Bros. Holdings.

Huntsman Gay is headquartered in Palo Alto, California, and has offices in Salt Lake City, Utah, and Foxborough, Massachusetts. (Reporting by Michael Erman; editing by John Wallace)