Seaport Capital has closed Seaport Capital Partners VI, L.P. (Fund VI), a US$240 million private equity fund, which had a final closing in December.
The firm said Fund VI will continue its 25-year investment approach, focusing on lower middle-market investment opportunities in the business and information services, communications services, and media sectors.
The five Seaport Partners, Scott McCormack, Bob Tamashunas, Drew Meyers, Bill Luby and Jim Collis, have collectively worked with each other since 2003 and have over 100 years of combined investing experience in the focus sectors.
The Fund will invest in companies that meet Seaport’s investment criteria, which include recurring or contracted revenue, high organic EBITDA growth, strong operating leverage, unit-economics-driven business models and that operate in growing or fragmented industries.
Almost all of Seaport’s portfolio companies were previously owned by founders or entrepreneurs seeking an institutional partner to provide financial and operational resources,
Fund VI has made investments in three platform companies:
- Exacom, Inc., which provides mission-critical multimedia recording software solutions to public safety and government customers
- Municipal Communications III, which develops, owns, and operates cellular communications towers, primarily in the Southeast and Upper Midwest;
- and Family Entertainment Holdings, whcih produces family-oriented entertainment and events.
Fund VI’s investor base includes institutional investors, family offices, high net worth individuals, and current and former portfolio company executives.
Similar to Fund V, Fund VI received a significant commitment from management of the General Partner.
Scott McCormack, Partner, said: “We greatly appreciate the support and partnership from our existing and new investors. With three investments, Fund VI is off to a strong start. We look forward to building and growing the current and future Fund VI portfolio companies with their management teams.”
Bob Tamashunas, Partner, dded: “We are looking forward to continuing to do what Seaport has done successfully since our inception. That is identifying unique investment opportunities in the lower middle-market and partnering with management teams to build companies that have lasting legacies.
“The entire Seaport team is excited about building on the firm’s success over the last 25 years and to continue our consistent and focused approach to investing and generating returns for our investors.”
Founded in 1997, Seaport Capital typically invests $10 to $40 million of equity capital in companies generating EBITDA between $3 and $15 million.