Seaport Capital Partners has closed its fifth private equity fund at $230 million. Seaport Capital Partners V will focus on lower-middle market companies in the communications, business and information services and media sectors. The fund’s limited partners include institutional investors, family offices, endowments, and high- net worth individuals. Sparring Partners was the placement agent while Locke Lord served as counsel for the fund.
NEW YORK, NY–(Marketwired – August 21, 2017) – Seaport Capital Partners (“Seaport”) today announced that it has successfully closed Seaport Capital Partners V (“Fund V”), a $230 million private equity fund. Fund V was meaningfully oversubscribed, surpassing both its target and hard cap.
Fund V will adhere to Seaport’s 20-year investment approach, focusing on lower middle-market investment opportunities in the communications, business and information services, and media sectors. The four Seaport senior investment professionals, Bill Luby, Jim Collis, Scott McCormack and Bob Tamashunas, have worked together for the last 14 years and will continue to be responsible for making investment decisions and managing the firm’s portfolio of investments.
“The Seaport team is excited about the prospects for the firm, including the potential for Fund V’s three existing investments,” said Scott McCormack, partner. “We will continue to execute on Bill and Jim’s founding vision, which is to source investments directly in recurring revenue businesses, typically led by a founder or entrepreneur, and provide the capital and resources to our management teams to execute on a long-term strategic vision.”
“We are truly grateful for the support and trust from our existing investor base and the conviction showed by several new partners to invest in Seaport and our investment team,” said Bob Tamashunas, partner. “We will stay true to our roots in finding businesses that fit our historical target size and investment parameters and will focus our efforts to invest our partners’ capital in the most attractive opportunities.”
The fund will make equity commitments of between $10 and $25 million in companies with recurring revenue business models and demonstrable unit economics characteristics that operate in growing or fragmented industries. Seaport will continue to pursue primarily control-oriented investments and seek to partner with talented founders and management teams to help grow businesses organically and through acquisition.
Fund V has called more than $67 million to date and has made investments in three platform companies: Quatris Health, a provider of software and services to small and medium-sized physician practices; i3 Broadband, a fiber-to-the-home provider operating in Peoria and Champaign-Urbana, IL; and Keg Logistics, a leasing and logistics company servicing the craft beer industry.
Seaport has deployed an additional $33 million of co-investment capital across the Fund V investments.
Fund V’s investor base consists of institutional investors, family offices and endowments, and high net worth individuals. Fund V also received commitments from current and former portfolio company management teams and owners of prior Seaport portfolio companies.
Locke Lord served as Seaport’s fund counsel. Sparring Partners acted as Fund V’s placement agent.
ABOUT SEAPORT CAPITAL
Founded in 1997, Seaport Capital invests in lower middle-market companies with recurring revenue business models in the communications, business and information services and media sectors. The firm seeks to invest equity capital in companies that have $3 to $15 million of EBITDA. Seaport works with talented management teams to create valuable companies that are leaders in their market segments. Seaport’s extensive investment experience enables it to develop successful strategies; its relationships and resources help achieve them.
For additional information, visit www.seaportcapital.com.