November 18, 2022
Enact completes first acquisition from fund III with the investment in Sea Transport Limited
Enact are delighted to confirm the acquisition of SEA Transport Limited (“SEA”), a family-owned port services and maritime haulage business based on Felixstowe port, Suffolk. You can read more about the business here: https://www.seatrans.co.uk/.
The transaction will see Enact support an MBI team, while retaining the incumbent founding family members, to deliver further growth from Felixstowe while extending the business model across multiple UK ports, leveraging existing customer relationships to deliver a controlled expansion of the business.
Felix Connolly, Investment Director of Enact commented “We are delighted to acquire SEA and provide the investment needed to support the expansion of the business to additional ports around the UK to create a national platform providing specialist port services and maritime haulage. The SEA brand is recognised and trusted by its customers and has an excellent reputation in the market in which it operates. We are looking forward to supporting the founding family members and MBI team to deliver further growth and development of the SEA brand”.
Founding family members, Chris and Frazer Smith, commented “This is a hugely exciting time for SEA Transport, our people and our customers. It will enable the business to continue to flourish in Felixstowe and now start to develop a UK network”
Paul Lyon, with extensive experience at The Road Haulage Association, has been appointed Chairman of the Board of Directors. Incoming CEO Richard Preston, who will be supporting the multi-site roll out, commented: “This is a great opportunity for the business to continue its growth trajectory and reach its true potential backed by respected investor, Enact, leaning on the wealth of experience already within SEA Transport, but also adding to that with the team that have been brought together.”
Enact Fund III, a £100m Fund launched in June 2022, invests transformational capital of up to £10 million into UK based SMEs. The individuals who comprise the investor base of Enact Fund III include institutional investors and a network of private investors. The single biggest investor in the Fund is the Endless and Enact partner and employee group.
Enact was advised by James Cook and Sarah Tallant of Womble Bond Dickinson and Russ Cahill of the Tax Advisory Partnership. The MBI team was advised by Gavin Jones and Bhavin Chandarana of GJC Advisory and Jonathon Pollard at Ward Hadaway. SEA was advised by Gotelee.