Teleflex Incorporated has sold its marine business to an affiliate of H.I.G. Capital, LLC for $121.6 million. Teleflex will receive $101.6 million in cash, while H.I.G Capital assumes an additional $15.5 million in liabilities and a $4.5 million subordinated note from the buyer (all figures $US).
“We are excited to team up with H.I.G to grow our business and build on our market leading positions,” said Teleflex Marine CEO Yvan Cote. “As an independent entity, we will maintain our commitment to delivering the highest quality products and service to our customers, who have been the most important part of our success.”
Teleflex's marine business, anchored on high quality steering and throttle controls, as well as engine and drive assemblies, generated net revenues of approximately $195 million during 2010.
H.I.G Managing Director Chris Laitala says the management and employees of Teleflex Marine have demonstrated an excellent track record in sales growth, product quality, and product innovation. “We look forward to working with the team to expand the scope of Teleflex Marine's products and services while continuing to provide exceptional customer service.”
Based in Miami, FL, H.I.G. Capital is an investment firm with assets in excess of US $8 billion. It has additional offices in Atlanta, Boston, San Francisco, London, Paris and Hamburg.