SEI Marine Products acquired the assets of API Marine in Fort Lauderdale.
"This acquisition gives us a strong platform to expand our product line into rotating electric marine products,” SEI owner Greg Pickren said in a statement. "The API Marine name is synonymous with high-quality starters, alternators and power trim motors and is well known in the marine industry, having been founded over 50 years ago."
SEI general manager Justin Webb said "the API factory in Fort Lauderdale will continue to operate with the existing staff, providing continuity of product expertise and manufacturing systems.”
API supplies the marine and industrial electrical aftermarket with replacement parts. Oldsmar, Fla.-based SEI said it is the world’s largest aftermarket supplier of sterndrives and gearcases.
Former owners Richard Schneider and his son, Brian, plan to stay on as part of the API management team.
"This merger provides us with a large infusion of capital and inventory, as well as additional expertise in purchasing and advertising," Richard Schneider said.
"Our order turnaround time and fulfillment rates are better than ever now, which leads to happy customers,” Brian Schneider added.