American Securities LLC has acquired manufacturer SeaStar Solutions.
SeaStar makes engineered components for marine and industrial markets. The company, which was formerly named Teleflex Marine, provides products under the SeaStar, Sierra, BayStar, Prime Line and Proheat brands. The company was backed by private equity firm HIG Capital LLC. Terms of the deal were not disclosed.
HIG Capital, headquartered in Miami, invested in SeaStar in 2011. The firm has about $13 billion in capital under management. In January, HIG has invested in MagnaCare, a health plan services company, and agreed to take American Pacific Corp. (Nasdaq: APFC) private.
American Securities is a New York private equity firm that focuses on North American companies with annual revenues between $500 million and $2 billion. The firm is currently investing from its sixth fund. In December, American Securities closed a deal for Frontier Spinning Mills Holding Corp., which produces cotton yarn.
Ryan Nelson, Patrick McNulty, Chris Williams, Eric Logue and Jason Klinghoffer from Harris Williams & Co. provided financial advice to SeaStar on the deal.