– Seaside Equity Partners, a private equity firm focused on the lower middle market, announced the closings of two new funds: Seaside Equity Partners III, L.P. (“Fund III”) and Seaside Navigator I, L.P. (“Navigator I”).
– The two funds raised total commitments of over $720 million.
– Fund III closed with $568 million in limited partner commitments; Navigator I closed with $155 million.
– Both funds were oversubscribed and substantially completed in a single closing.
– “We are fortunate with the outcome and most grateful to our investors, companies, and colleagues for their support and trust,” said Managing Partner Andrew Thompson.
– The capital raise enables Seaside to further its mission of partnering with exceptional companies to drive growth and value creation in the lower middle market.
– Seaside secured meaningful support from a diverse group of limited partners, including endowments, foundations, corporate and public pensions, insurance companies, consultants, and family offices.
– Fund III will continue to focus on companies generating $3 million to $15 million in EBITDA.
– Navigator I will target companies generating less than $3 million of EBITDA, a segment where Seaside sees significant potential for value creation.
– Both funds will invest in mission-critical service providers headquartered in the Western United States.
– With these new funds, Seaside now manages approximately $1.4 billion in assets and has invested in over 55 companies.
– The expanded capital base enhances Seaside’s ability to partner with lower middle market businesses seeking growth capital, liquidity, and strategic resources.
