H.I.G. Capital Completes the Sale of SeaStar Solutions
NEW YORK – February 3, 2014 – H.I.G. Capital, LLC (“H.I.G.”), a leading global private equity investment firm with more than $13 billion of equity capital under management, announced today that it has completed the sale of its portfolio company SeaStar Solutions (“SeaStar” or the “Company”) to American Securities LLC.
Based in Litchfield, IL, SeaStar Solutions (formerly Teleflex Marine) is the leading manufacturer of precision-engineered vessel control systems and other specialized applications in marine and industrial end markets. SeaStar has a long history of market leadership and provides its customers with the highest quality products available. The Company’s leading marine products are critical to boat safety and performance and include 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 and its products are available globally through boat builders and aftermarket dealers. The Company has approximately 750 employees and operates through four manufacturing facilities in North America, while maintaining an international sales presence in Europe, Asia and Australia.
In 2011, H.I.G. partnered with management to acquire SeaStar from Teleflex, Inc. and undertook multiple initiatives to grow the Company and improve its profitability. These efforts include the development and introduction of several new products (including the industry pioneering Optimus 360 integrated boat control system), the enhancement of SeaStar’s corporate infrastructure, the launch of the SeaStar name and brand, the stream-lining of global operations, and the completion of several highly accretive add-on acquisitions. The transaction adds to H.I.G.’s longstanding track record of successful investments in the niche industrial manufacturing and distribution sectors.
“H.I.G. has been an excellent partner to Seastar Solutions in helping us execute our strategic plan and further extend our market leadership. Through our partnership, we have accelerated new product introductions earning us numerous prestigious industry Innovation awards. We have also executed a successful acquisition strategy to further allow us to meet the expectations of our customers and continue the growth of our company” said Yvan Cote, CEO and President of SeaStar.
“We were fortunate to have the opportunity to partner with Yvan and the exceptional team at SeaStar. They have leveraged their position as the leading name in recreational marine steering to expand their presence into complementary niche applications. They have successfully executed on a number of operational and strategic initiatives and significantly grown the business over the course of our partnership,” commented Chris Laitala, Managing Director of H.I.G. “SeaStar has been a highly successful investment for management, H.I.G. and our investors. We are very proud of what this team has accomplished under H.I.G.’s ownership and look forward to watching the Company’s continued success in the future.”
SeaStar Solutions (formerly Teleflex Marine) is the leading global provider of OEM and aftermarket products and accessories for the recreational marine and related markets. Sold around the world under the SeaStar, Sierra, BayStar, Prime Line and Proheat brands, the Company’s products are recognized for their quality, reliability and technical innovation. For more information, visit www.seastarsolutions.com.
About H.I.G. Capital
H.I.G. is a leading global private equity investment firm with more than $13 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, New York and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes more than 80 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.hig.com.