SeaStar Solutions (formerly Known As Teleflex Marine) acquires Mallory Marine
Acquisition Adds Depth To SeaStar Solutions' Engine and Drive Parts Product Line
LITCHFIELD, Ill., Oct. 14, 2013 /PRNewswire-iReach/ -- SeaStar Solutions (formerly known as Teleflex Marine), a leading manufacturer and distributor of marine steering and control systems and engine and drive parts, announced today that it has acquired Mallory Marine from Prestolite Performance, a leading manufacturer and distributor of auto racing, performance and appearance products based in Cleveland, Ohio. Mallory Marine markets a complete line of inboard and outboard engine replacement parts, oil and lubricants. Not affected by today's announcement is Mallory Ignition, the sister company to Mallory Marine, which remains a core brand of Prestolite Performance.
"This acquisition adds to the extensive product line and distribution services we provide through our Sierra division," said Yvan Cote, President and CEO of SeaStar Solutions. "It further strengthens our capacity to meet the needs of marine dealers for superior quality parts, extensive product availability and fast delivery."
SeaStar Solutions continues to pursue an aggressive growth strategy focusing on new product developments and acquisitions. Their Optimus 360 Joystick Docking System for outboard and stern drive boats as well as their Xtreme Steering System both won NMMA Innovation Awards and have provided exciting new OEM and aftermarket sales opportunities. The company has also made key acquisitions in the marine market, including INCA Molded Products and Detwiler Jack Plates.
"We continue to grow by providing our customers with an expanding array of world class products and services," added Cote. "Whether it's exciting new products like Optimus and Xtreme, or the acquisition of a company like Mallory Marine, our objective is the same – to provide our customers with innovative solutions as well as the highest levels of quality, reliability and service that propel us all forward."
About SeaStar Solutions
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. For more information, please refer to the Company's website at www.seastarsolutions.com.
H.I.G. Capital is a leading global private equity investment firm with more than $10 billion of equity capital under management and a team of more than 225 investment professionals. Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, New York, and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Paris and Rio de Janeiro, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential.
H.I.G. invests in management-led buyouts and recapitalizations of profitable and well-managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 50 companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
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