American Securities, a US private equity firm, has acquired SeaStar Solutions in partnership with the company's management team from an affiliate of HIG Capital.
SeaStar is a manufacturer of precision-engineered vessel control systems and other specialised applications in marine and industrial end markets.
Financial terms of the transaction have not been disclosed.
SeaStar’s marine products 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 defence 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," says 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," says 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 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.
