SeaStar Solutions has new ownerPosted on
New York-based private equity firm American Securities LLC bought SeaStar Solutions in partnership with the company’s management team from an affiliate of H.I.G. Capital LLC. Terms of the deal weren’t disclosed.
“We believe SeaStar is an attractive fit for our strategy of investing in market leaders,” American Securities managing director Scott M. Wolff said in a statement. “The company’s experienced management team is extremely committed to the business and has an impressive history of new product introductions. We are looking forward to working with them to expand SeaStar’s capabilities.”
SeaStar, a maker of precision-engineered vessel control systems formerly known as Teleflex Marine, makes products for safety and performance, including hydraulic steering, electronic steering (CAN Bus), joystick controls, mechanical steering, shift and throttle cables and controls, and replacement engine parts.
SeaStar’s industrial products include thermal solutions for the transportation and defense industries and aftermarket components for outdoor power equipment.
SeaStar sells to more than 500 customers worldwide and its products are available through boatbuilders and aftermarket dealers.
The company has about 750 employees and operates through four manufacturing facilities in North America while maintaining an international sales presence in Europe, Asia and Australia.
“We are proud of our long-standing customer relationships and will continue to focus on innovation and delivering the highest-quality products and services,” SeaStar CEO Yvan Cote said. “We are excited about our partnership with American Securities and believe they will be a value-added partner as we look to further build our business and better serve our customers.”
Kaye Scholer LLP served as legal counsel to American Securities, and McDermott Will & Emery served as legal counsel to SeaStar with respect to the transaction. Harris Williams & Co. acted as the exclusive financial advisor to SeaStar with respect to the transaction.
Based in New York with an office in Shanghai, American Securities is a U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $500 million to $2 billion. American Securities and its affiliates have approximately $10 billion under management.