Private equityDeal
Reading the graph
Reading the graph
Private equityDeal
Banner Capital is buying Seaway Plastics Engineering, MME Group and Wright Engineered Plastics to form Seaway Group. Its filings show a firm that has raised money through vehicles named for portfolio companies and through pooled funds, with Fund II still small at its last report.
Banner Capital has formed Seaway Group and signed a definitive agreement to acquire the businesses of Seaway Plastics Engineering, MME Group and Wright Engineered Plastics. The deal is expected to close in the fourth quarter of 2026. Seventeen Capital, a healthcare private equity firm, is co-investing, and no price was disclosed.
Seaway Group is the third platform in Banner Capital Fund II, after Western Pavement Services and Roof Restoration Group. Banner, based in Utah and Arizona, says it manages $611 million as of June 30, 2026 and targets companies with $4 million to $15 million of EBITDA.
DFX calculationDFX's records show two routes. Between April 2021 and October 2022 Banner filed Form D for six vehicles that together reported $70.3 million sold. Several carry the names of Banner portfolio companies, from Banner Route Partners, the first, to Banner Manscaped Partners, the last.
In the Form ADV that Banner filed on May 8, 2026, Banner Capital Fund I reports $278.0 million of gross assets and 103 owners, and Banner Capital Fund II reports $39.8 million, 15 owners and a $1 million minimum. The announcement does not say how the purchase is financed.
Not in the announcement: price, financing.
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Form Ds filed October 14 put Fund XIII at $518.5 million after a September 30 first sale, nearly all of it through two feeder funds. Fund XII started at $613.8 million and closed at $1.44 billion. J.P. Morgan has not announced Fund XIII or a target.
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