SeaFort Capital has acquired a majority stake in Parts for Trucks, a Dartmouth, Nova Scotia-based heavy-duty aftermarket parts distributor and truck and equipment service provider. No financial terms were disclosed. The deal, which will support the company’s growth, marks the first platform investment for the second fund of SeaFort, a Canadian private equity firm.
HALIFAX, NS, June 2, 2022 /CNW/ – SeaFort Capital today announced that it has made a majority investment in Parts for Trucks, Inc. Based in Dartmouth, Nova Scotia, Parts for Trucks is the largest independent heavy-duty aftermarket parts distributor and provider of truck and equipment service in Atlantic Canada. The company operates a network of 16 locations across Atlantic Canada and in Ontario.
Corey Miller, CEO of Parts for Trucks, commented, “Our executive team chose to partner with SeaFort given their strong values and proven track record of successfully growing companies. We are very excited to work with the SeaFort team to pursue strategic growth, which will provide exciting opportunities for our staff and allow us to further enhance and broaden the strong support we currently provide to our valued customers”.
Rob Normandeau, SeaFort’s Managing Partner & President, commented, “This is the first platform investment for SeaFort Capital Fund II and represents the type of Canadian mid-market investment we target. We are pleased to invest in a long-established, successful Atlantic Canadian-based business and excited to partner with a strong, proven management team and company as they continue to execute on a well-delineated growth strategy.”
The partnership will focus on continuing Parts for Trucks’ growth strategy by introducing new products and services and pursuing expansion within Canada through greenfield initiatives and strategic acquisitions. The existing senior leadership team will continue to drive the business following the investment by SeaFort.
About Parts for Trucks
Parts for Trucks was founded in 1919 and is headquartered in Dartmouth, Nova Scotia. Through its more than 100-year operating history, the business has grown to become a leading independent distributor of parts and provider of service to the heavy-duty truck industry in Canada. Parts for Trucks currently owns and operates 16 locations in five provinces and provides service through a network of 22 affiliate locations that operate under the Trucklane banner. Across this network, the Company can provide customers with access to 130 service bays and more than 150 technicians. For more information, please visit www.partsfortrucks.com.
About SeaFort Capital
Based in Halifax, Nova Scotia, SeaFort Capital is a private equity firm that invests in lower-mid-market Canadian businesses with EBITDA ranging from $2 million to $15 million. SeaFort is a growth-oriented investor that seeks to establish long-term partnerships to help grow industry-leading Canadian companies. SeaFort targets investments in the business services, value-added distribution, manufacturing, and industrial sectors. SeaFort Capital is investing SeaFort Capital Fund II LP, which currently has committed capital of approximately $160 million. For more information, please visit www.seafortcapital.com.