American Securities Completes Acquisition of SeaStar Solutions
NEW YORK, January 31, 2014-- American Securities LLC, a leading U.S. private equity firm, today announced its acquisition of SeaStar Solutions in partnership with the Company's management team from an affiliate of H.I.G. Capital, LLC. SeaStar is the leading manufacturer of precision-engineered vessel control systems and other specialized applications in marine and industrial end markets. Financial terms of the transaction were not disclosed.
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.
"We are proud of our long-standing customer relationships, and will continue to focus on innovation and delivering the highest quality products and services," said Yvan Cote, Chief Executive Officer of SeaStar. "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."
"We believe SeaStar is an attractive fit for our strategy of investing in market leaders," said Scott M. Wolff, Managing Director at American Securities. "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."
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.
About SeaStar Solutions
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, please refer to the Company's website at www.seastarsolutions.com.
About American Securities LLC
Based in New York with an office in Shanghai, American Securities is a leading 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. American Securities is currently investing from its sixth fund. The firm traces its roots to a family office founded in 1947 to invest and manage a share of the fortune created from the growth of Sears, Roebuck & Co in the early 1900s. More information about American Securities can be found at www.american-securities.com.
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