Seaport Closes Fund Five
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Seaport Closes Fund Five

Seaport Capital Partners has held a final closing of Seaport Capital Partners V with $230 million of capital commitments. The fund was oversubscribed and closed above both its target and hard cap.

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.

Seaport Capital invests from $10 million to $25 million of control equity in US-based companies that have from $3 million to $15 million of EBITDA. Industries of interest include communications, business and information services, and media. The firm was founded in 1997 by Bill Luby and Jim Collis and is based in New York (www.seaportcapital.com).

“The Seaport team is excited about the prospects for the firm, including the potential for Fund V’s three existing investments,” said Partner Scott McCormack. “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.”

Fund V has called more than $67 million of capital 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 that was acquired in August 2016; i3 Broadband, a fiber-to-the-home provider operating in the Peoria and Champaign-Urbana, IL metropolitan areas that was acquired in December 2016; and Keg Logistics, a Denver-based leasing and logistics company servicing the craft beer industry that was acquired in July 2017.

“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 Partner Bob Tamashunas. “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.”

Sparring Partners served as the placement agent to Seaport Capital. Sparring Partners is an investment bank providing mergers and acquisitions advisory and capital raising services to technology-enabled companies and private equity firms. The firm was founded in 2001 by Warren Spar and is headquartered in New York (www.sparringpartners.com).

© 2017 Private Equity Professional | August 24, 2017

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