Firm: Blue Sea Capital
Fund: Blue Sea Capital Fund I
Target: $270 million
Amount raised: $312 million
Placement Agent: Lazard Freres & Co LLC
The firm disclosed $193 million raised for Blue Sea Capital Fund I from 15 investors and a target of $270 million in a Form D filing on Nov 12. Now the total now stands at $312 million, according to a source.
Peter Brockway serves as senior adviser to Blue Sea Capital and remains a managing director at Brockway Moran, according to the latter firm’s website. Sister website peHUB reported in 2013 that Brockway Moran will not be raising a new fund. Brockway did not reply to a phone call and email from Buyouts.
Partners at Blue Sea Capital include Richard Wandoff, a former partner of Brockway Moran; Mark Silk, formerly CEO of Tri-Star Electronics until 2011; and James Davis, formerly a partner at Brockway Moran, according to the firm’s website.
Principals include Andrew Boswell, a former vice president at H.I.G. Growth Partners and an ex-vice president at Brockway Moran. Scott Kirkendall, a principal at Blue Sea Capital, served as a director of Brockway Moran. Matthew Turk, now a principal at Blue Sea Capital, formerly worked as CFO of Tri-Star Electronics, a former Brockway Moran portfolio company sold in 2011 for $285 million.
Blue Star Capital seeks lower mid-market targets with enterprise values of less than $150 million. It is sifting for deals of up to $60 million in total equity.
The firm’s website includes an endorsement from John Croddick, founder and former president and CEO of Cosmetic Essence, a firm that Brockway Moran sold to Onex Partners in 2004 for $245 million.
“The principals of Blue Sea Capital are value-added and collaborative,” Croddick said. “Their principal investing and operating experience complements and supports entrepreneurs like me in growing businesses—oftentimes to a transformative degree.”
Separately, Blue Sea filed a Form D on April 4 for Blue Sea Capital Executive Fund I LP, with $5 million raised and a listing of related persons: Wandoff, Davis, Silk, Kirkendall, Turk and Boswell.