SeaFort Capital Fund II closes at $189M

Ted Liu

SeaFort Capital Inc. has held final close for its second fund, SeaFort Capital Fund II, securing $189 million in total capital commitments, significantly above its target of $160 million.

Launched in July 2021, SeaFort Capital Fund II, an Ontario fund, held a $110 million initial close in September 2021.

SeaFort Capital Fund II marks the first time that eligible investors will join SeaFort’s founding investors, which include members of the Sobey and McCain families which committed a $40 million lead commitment. Disclosed LPs include Export Development Canada (EDC), CIBC, BMO Capital Partners, Jessiman Family Investments Inc., and other and private investors.

EDC, a Crown corporation, publicly disclosed a $15-25 million commitments to Fund II.

SeaFort Capital Fund II is designed to allow SeaFort to hold investments for a longer period than most established private equity firms, which means that SeaFort can maintain its well-established patient approach.

In June 2022, SeaFort Capital Fund II completed its first investment, taking a majority position in Parts for Trucks.

photo credit: SeaFort Capital

News Release

SeaFort Capital Closes Oversubscribed Fund II at $189 Million

HALIFAX, NS, March 23, 2023 /CNW/ – SeaFort Capital Inc. (“SeaFort”) has completed the final closing for SeaFort Capital Fund II (“SeaFort Fund II”), with $189 million of committed capital, significantly above the target of $160 million. SeaFort Fund II is a growth-focused buyout fund established to make majority investments in Canadian lower-mid-market businesses. The new fund is designed to allow SeaFort to hold investments for a longer period than most established private equity firms, which means that SeaFort can maintain its well-established patient approach.

SeaFort Fund II marks the first time that eligible investors will join SeaFort’s founding investors, which include members of the Sobey and McCain families. In addition to a $40 million lead commitment from SeaFort’s founding investors, SeaFort Fund II has secured commitments from leading institutional investors, family offices and private investors from all regions of Canada.

“We are honoured to have expanded our investor base and excited to deploy capital in an environment that we believe presents tremendous opportunity,” said Rob Normandeau, President and Managing Partner. “SeaFort’s values-based, patient approach resonates well with business owners and operating partners and our experienced investment team has a proven ability to create value through strategic change, operational enhancements and the successful integration of accretive add-on acquisitions.”

In June 2022, SeaFort Fund II completed its first investment, taking a majority position in Parts for Trucks. Parts for Trucks completed a significant growth transaction in February 2023, with the acquisition of Fleet Brake Parts & Service.

About SeaFort Capital

Founded in 2012, SeaFort is a private equity firm based in Halifax, Nova Scotia. SeaFort partners with talented managers to build value by growing and improving Canadian lower-mid-market businesses. SeaFort is currently investing SeaFort Fund II. To learn more about SeaFort, please visit www.seafortcapital.com.

SOURCE SeaFort Capital Inc.

For further information: Media Contact: Rob Normandeau, Managing Partner & President, rnormandeau@seafortcapital.com