SeaStar Sold by American Securities

American Securities has entered into an agreement to sell SeaStar Solutions to Dometic Group for $875 million. American Securities acquired SeaStar in January 2014 from H.I.G. Capital.

SeaStar Solutions is a provider of OEM and aftermarket products and accessories that are used in the recreational marine markets. The company’s products include electronic and hydraulic steering systems, controls and cables, engine and drive parts, instruments and displays, steering wheels, and hoses and clamps. Company-owned brand names include SeaStar, Sierra, BayStar, Shields, Inca, Mallory, Prime Line and Proheat.

SeaStar, led by CEO Yvan Cote, has approximately 1,250 employees and 8 facilities with a headquarters located 60 miles northeast of St. Louis in Litchfield, IL (www.seastarsolutions.com).

“We are proud to have supported Yvan and the talented SeaStar management team to drive organic growth and execute strategic acquisitions during our partnership,” said Scott Wolff, a Managing Director of American Securities. The most recent add-on completed by SeaStar was the July 2017 buy of Moeller Marine Products, a maker of fuel systems and other components for vessels ranging from bass and ski boats to offshore saltwater fishing craft (www.moellermarine.com).

“We are proud of our commitment to research and development, which has allowed us to regularly launch new and innovative products,” said Mr. Cote. “During our nearly four-year partnership with American Securities, they have been a valuable resource in achieving our growth objectives.”

American Securities invests in businesses with $200 million to $2 billion of revenue and $50 million to $300 million of EBITDA.  Sectors of interest include industrial manufacturing, specialty chemicals, aerospace and defense, energy, business services, healthcare, media, restaurants, and consumer products. The firm has more than $15 billion of capital under management and has offices in New York and Shanghai (www.american-securities.com).

Dometic Group (STO: DOM) manufactures and supplies mobile leisure products for recreational vehicles, and marine, commercial and passenger vehicles. Its products include awnings, air conditioners, refrigerators, ovens, stoves, windows, lights, doors, sanitation systems, and an array of additional products. The company’s products are sold through multiple distribution channels in more than 100 countries under the brands Dometic, WAECO, Marine Air, Cruisair, Condaria, SeaLand and Mobicool. Dometic has facilities in Asia, Europe and the United States and is headquartered near Stockholm in Solna, Sweden (www.dometic.com).

RBC Capital Markets and Baird were the financial advisors to SeaStar.

This transaction is expected to close before the end of 2017.

© 2017 Private Equity Professional | November 27, 2017

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