SeaFort Capital wraps up sophomore buyout fund at C$189m

• SeaFord Fund II’s LPs include members of the Sobey and McCain families
• Other investors include institutional investors, family offices and private investors
• The fund is designed will to allow SeaFort to hold investments for a longer period than most established private equity firms

Canadian private equity firm SeaFort Capital has closed its second growth-focused buyout fund at C$189 million, above an original target of C$160 million.

SeaFord Fund II’s limited partners include members of the Sobey and McCain families, which as founding investors committed C$40 million. They were joined by institutional investors, family offices and private investors from all regions of Canada.

The fund will maintain the firm’s strategy of investing in Canadian lower-mid-market businesses. It is designed to allow SeaFort to hold investments for a longer period than most established private equity firms.

“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, SeaFort president and managing partner, in a statement. “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, a Dartmouth, Nova Scotia-based heavy-duty aftermarket parts distributor and truck and equipment service provider. Parts for Trucks in February 2023 acquired Fleet Brake Parts & Service.

Founded in 2012, SeaFort Capital is based in Halifax, Nova Scotia.