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.
Acquisitions and Investments
Mergers, acquisitions and startups periodically reshape the marine industry, attracting innovators and other new investors.
CJR Propulsion said it completed an agreement to purchase all commercial assets and intellectual property from stainless-steel fabricator Oval Stainless.
Grande Yachts International opened a new full-service boating facility at the Riverwalk on the Cape Fear River in Wilmington, N.C., and signed long-term agreements with two builders.
Madera Ribs was bought by the Dutch shipbuilder Veka Group.
Dozier’s Waterway Guide, the series of navigational and local interest publications for cruisers and boaters, was sold to Richmond, Va.-based Jeff and Kathryn Jones.
To meet increased sales demand, Turning Point Propellers opened a second warehouse in Jacksonville, Fla., to complement the company’s main warehouse in Itasca, Ill.
High-performance builder Malibu Boats has entered a bid to go public, a move some analysts say is perfectly timed with a Wall Street trading trend toward the leisure space.
Nautical Ventures Group said it purchased a 51 percent stake in LukFuel, a direct-to-dock fuel delivery company in South Florida.
German electric hybrid engine manufacturer Torqeedo bought Moonwave Systems GmbH, also based in Germany, in an effort to bring hybrid drives to the yachting industry.
Bruntons Propellers purchased the worldwide manufacturing and marketing rights to the SigmaDrive, a transmission device for yachts and workboats that serves as both an engine and shaft coupling and as a thrust bearing.