Parts for Trucks has partnered with private equity firm SeaFort Capital to help support its expansion strategies. The news was first announced on June 2.
The partnership will focus on continuing Parts for Trucks' growth strategy by introducing new products and services and pursuing expansion within Canada through greenfield initiatives and strategic acquisitions. The existing senior leadership team will continue to drive the business following the investment by SeaFort, the companies say.
"Our executive team chose to partner with SeaFort given their strong values and proven track record of successfully growing companies. We are very excited to work with the SeaFort team to pursue strategic growth, which will provide exciting opportunities for our staff and allow us to further enhance and broaden the strong support we currently provide to our valued customers," says Corey Miller, CEO, Parts for Trucks.
"This is the first platform investment for SeaFort Capital Fund II and represents the type of Canadian mid-market investment we target. We are pleased to invest in a long-established, successful Atlantic Canadian-based business and excited to partner with a strong, proven management team and company as they continue to execute on a well-delineated growth strategy," adds Rob Normandeau, SeaFort's managing partner and president.