On January 15, 2025, Vancouver-based private equity firm Krystal Growth Partners acquired Seair Seaplanes, a prominent seaplane operator serving coastal British Columbia. The transaction, structured as a management buyout, aligns with Krystal's focus on investing in mid-market businesses with revenues between CAD 10 million and CAD 100 million. While the exact transaction value remains undisclosed, it falls within Krystal's typical investment range.

Established in 1982, Seair Seaplanes operates a fleet of 12 aircraft from bases in Richmond (YVR), Vancouver Harbour, and Nanaimo. The company offers year-round scheduled flights, scenic tours, and charter services to various destinations, including eco-lodges and remote communities. Founder and CEO Peter Clarke will continue to lead Seair, ensuring continuity and a seamless experience for customers.

Krystal Growth Partners was advised by Fasken on legal matters, with a multidisciplinary team led by Steve Saville (M&A), including Zaira Petruf (M&A), Chris Ross and Mike Coburn (Tax), Benjamin Gross, Michael Parrish, Ali Aziez, and Erika Swinton (Aviation Law), KC Miu and David Pivrnec (Banking), Marcia Mills and Christopher Little (Regulatory), Jordan Thompson (Employment), and Kristian Arciaga (Real Estate). 

Capital West Partners acted as the exclusive financial advisor to Seair Seaplanes, providing vendor due diligence services.

This acquisition underscores Krystal's commitment to supporting exceptional businesses with strong market positions and deep local roots, aiming to enhance connectivity across British Columbia's coastal regions.