Seacoast Capital Exits Non-Control Growth Capital Investment in East Coast Warehouse & Distribution
BOSTON, Feb. 3, 2022 /PRNewswire/ -- Seacoast Capital ("Seacoast"), a lower middle market non-control growth capital investor, announced today the exit of its investment in East Coast Warehouse & Distribution ("ECW" or the "Company") through the Company's recapitalization by a private investment firm. Seacoast originally invested $21 million of subordinated debt and preferred equity in ECW in June 2018 to support a balance sheet recapitalization of the Company alongside of its management team. Everside Capital Partners, a New York-based asset management firm, co-invested in the original transaction with Seacoast.
ECW, headquartered in Elizabeth, New Jersey, provides container drayage, ambient and temperature-controlled warehousing, local and regional trucking, national freight brokerage and customs exam services, offering shippers a fully integrated supply chain solution. The Company operates 72 million cubic feet of temperature-controlled and ambient warehouse space at the Ports of New York/New Jersey, Philadelphia, Baltimore and Savannah.
"Our investment in ECW was a perfect case study for Seacoast's core mandate of backing incumbent management teams for discrete growth opportunities," Seacoast Principal Jamie Donelan commented, "although rarely do we encounter a group that executes on its stated growth strategy with surgical precision in the way that the ECW team did – a real testament to the strength of the Company's leadership and the world-class organization they have built".
ECW CEO Jamie Overley added, "In Seacoast we found a patient partner that both understood our long-term plan to become the nationwide leader in port-based end-to-end 3PL services and believed in our ability to make it happen," further noting "with their support we were able to broaden our presence in the Port of New York and New Jersey as well as expedite the expansion of our operations into Baltimore and Savannah and strategically position the Company for the next phase of our growth".
Terms of the transaction were not disclosed.
About East Coast Warehouse & Distribution
For more than 65 years, East Coast Warehouse & Distribution has served as a preeminent third-party logistics (3PL) provider, offering integrated temperature-controlled logistics services to food and beverage importers. Its state-of-the-art facilities totaling 72 million cubic feet, strategically located on the Ports of New York/New Jersey, Philadelphia, Baltimore, and Savannah, expedited customs exam services, transportation capabilities and value-added services, offer clients a 3PL end-to-end solution that is sophisticated and seamless. For more information, please visit www.eastcoastwarehouse.com.
About Seacoast Capital
Founded in 1994, with offices in Boston, MA and San Francisco, CA, Seacoast Capital invests non-control growth capital in partnership with management in lower middle market companies. Seacoast is industry agnostic and typically invests $5 million to $25 million of capital in companies with $10 million or more in revenue and $2 million or more of EBITDA. Capital is used to support growth, acquisitions, family wealth and ownership transfers, shareholder liquidity events, refinancings, and partnership or management buyouts. Geographically, Seacoast invests anywhere in the United States. Since its inception, Seacoast has managed over $600 million of capital, which the firm has invested in 82 non-controlling transactions. Now managing its fourth fund, Seacoast Capital Partners IV, L.P., the firm continues to actively seek new investment opportunities. Learn more by visiting www.seacoastcapital.com.
About Everside Capital Partners
Everside, an SEC Registered Investment Adviser (RIA), is a New York based, independently owned asset management firm focused exclusively on the U.S. lower middle market. The firm is led by a team with extensive backgrounds in credit, direct investing and origination from top global institutions. Everside has a track record of investing in debt and equity in lower middle market companies across the US, generally through partnering with Small Business Investment Companies (SBICs) or directly partnering with lower middle market companies. Everside has closed more than 80 investments since inception and currently manages $800 million in commitments across multiple funds.
Submit inquiries to:
Phil Curatilo, Principal & CMO
Seacoast Capital
(978) 750-1319
[email protected]
SOURCE Seacoast Capital Managers LLC
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