Harris Williams & Co. Advises SeaStar Solutions on its Sale to American Securities
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of SeaStar Solutions (SeaStar), a leading manufacturer of highly-engineered components for marine and industrial end markets, to American Securities LLC. Harris Williams & Co. acted as the exclusive advisor to SeaStar, a portfolio company of H.I.G. Capital, LLC (H.I.G.). The transaction closed on January 31, 2014 and was led by Ryan Nelson, Patrick McNulty, Chris Williams, Eric Logue and Jason Klinghoffer from Harris Williams & Co.’s Richmond office.
“SeaStar is a terrific platform with an exceptional track record of innovation and market leadership,” said Ryan Nelson, a managing director in Harris Williams & Co.’s Industrials Group. “Management and H.I.G. have done a tremendous job with SeaStar and positioned it to significantly accelerate its growth in the coming years.”
The sale of SeaStar continues a strong track record of transactions closed by Harris Williams & Co. in both the advanced manufacturing and aftermarket products sectors. Similar transactions include the sale of Chromalox, Inc. to Irving Place Capital, the sale of Stolle Machinery to Toyo Seikan Kaisha, Ltd., the sale of Nivel Holdings, LLC to Audax Group, and the sale of Ohmstede Ltd. to First Reserve Corporation.
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.
H.I.G. is a leading global private equity investment firm with more than $13 billion of equity capital under management. Based in Miami, FL and with offices in Atlanta, Boston, Chicago, Dallas, New York and San Francisco, as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, the firm specializes in providing capital to small and medium-sized companies with attractive growth potential. The firm invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. Since its founding in 1993, the firm has invested in and managed more than 200 companies worldwide. H.I.G.’s current portfolio includes more than 80 companies with combined sales in excess of $30 billion.
Based in New York, NY with an office in Shanghai, American Securities is a leading United States 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. The firm is currently investing from its sixth fund. American Securities 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.
Harris Williams & Co.’s Industrials Group has experience across a variety of sectors, including test and measurement; advanced manufacturing; capital goods; chemicals; industrial and environmental services; flow control; metals; natural resources and mining; paper, plastics and packaging; and power connectivity and control. For more information on the firm’s Industrials Group and other recent transactions, visit the Industrials Group website.