Private equity firm HIG Capital has completed the sale of its portfolio company SeaStar Solutions to American Securities.
Based in Litchfield, Illinois, SeaStar Solutions (formerly Teleflex Marine) is a manufacturer of precision-engineered vessel control systems and other specialised applications in marine and industrial end markets.
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, HIG partnered with management to acquire SeaStar from Teleflex 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 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 add-on acquisitions.
“HIG 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,” says 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,” says Chris Laitala, managing director of HIG. “SeaStar has been a highly successful investment for management, HIG and our investors. We are very proud of what this team has accomplished under HIG’s ownership and look forward to watching the company’s continued success in the future.”
