Seacoast exits Northwest Cascade

Seacoast Capital has exited its investment in Northwest Cascade, a provider of portable sanitation rental services, septic pumping, drain cleaning services and heavy civil, municipal and residential construction services in the Pacific Northwest, California, Utah and Texas. No financial terms were disclosed.


July 31, 2019 – San Francisco, California Seacoast Capital (“Seacoast”), a lower middle market non-control growth capital investor, announced today its exit from its investment in Northwest Cascade (“NWC”), a provider of (i) portable sanitation rental services, (ii) septic pumping and industrial digester and drain cleaning services; and (iii) heavy civil, municipal and residential construction services in the Pacific Northwest, California, Utah and Texas.

NWC is primarily known for its portable sanitation rental services division, Honey Bucket, whose colorfully-branded “porta potties” are ubiquitous across the Pacific Northwest and beyond. Seacoast originally invested redeemable preferred stock with warrants in NWC in February 2013 to recapitalize certain of its indebtedness and provide partial liquidity to the Company’s employee shareholders, and subsequently in February 2017 provided the Company with subordinated debt with warrants as part of a balance sheet recapitalization.

Since the original Seacoast investment, NWC more than quadrupled its EBITDA, owing largely to Honey Bucket’s strong market share gains in its legacy Pacific Northwest markets, de novo expansion into California and Texas, and targeted acquisitions across its geographic markets. With an unwavering commitment to quality and servicing “every unit, every time” Honey Bucket has grown to become the second largest portable sanitation rental services provider in the U.S. and the largest in the Pacific Northwest.

Jamie Donelan, a Principal at Seacoast, noted “It’s exceedingly rare in today’s market environment to be involved with a company for over 6 years – even more so for that company to trend up and to the right the entire time. It’s really a testament to NWC’s corporate values – the senior leadership has built a truly unique culture centered around hard work, loyalty and employee participation that has enabled NWC to continually grow and retain the great employees that are core to the company’s unmatched service model.”

Greg Potts, President of NWC, commented “Seacoast was the first outside investor that NWC took on in its 40+ year history, and we were initially uncertain as to what to expect with their capital. What we got was a patient and complementary partner that took the time to understand the nuances of our business model and our associated growth needs – ultimately their non-control mandate was a perfect match for us.”

About Seacoast Capital
Founded in 1994, with offices in Boston, MA and San Francisco, CA, Seacoast Capital invests non-control growth capital in partnership with management in lower middle market companies. Seacoast is industry agnostic and typically invests $5 million to $25 million of capital in companies with $10 million or more in revenue and $2 million or more of EBITDA. Capital is used to support growth, refinancings, acquisitions, family wealth and ownership transfers, shareholder liquidity events, and partnership or management buyouts. Geographically, Seacoast invests anywhere in the United States. Since its inception, Seacoast has managed over $600 million of capital, which the firm has invested in 76 non-controlling transactions. Now managing its fourth fund, Seacoast Capital Partners IV, L.P., the firm continues to actively seek new investment opportunities. Learn more by visiting

To discuss an investment opportunity with Seacoast Capital, please contact Phil Curatilo ( or 978-750-1319) in the Eastern region or Tom Ley ( or 415-704-8807) in the Western region.

About Northwest Cascade
Northwest Cascade ( is a diversified provider of commercial, industrial and residential services consisting of three operating divisions – Honey Bucket, FloHawks, and Construction. Honey Bucket provides route-based and event portable sanitation and related rental services across the Pacific Northwest, California, Utah and Texas. FloHawks provides septic pumping, cleaning and MRO services to residential, commercial and industrial customers in the South Puget Sound region. The company’s Construction division provides municipal sewerage and commercial and residential wastewater construction services.