US-based HIG bought the business in 2011 when it was known as Teleflex Marine, and saw it renamed SeaStar in February last year.
The company’s main products revolve around boat safety and performance and include hydraulic and electronic steering, joystick controls and replacement engine parts.
American Securities managing director Scott Wolff said, “We believe SeaStar is an attractive fit for our strategy of investing in market leaders.
“The Company’s experienced management team is extremely committed to the business and has an impressive history of new product introductions.”
HIG Middle Market LBO Fund II plans to gather up to $1.6bn according to a filing with the US securities regulator, with the firm expecting to wrap up the fundraise within 12 months.
The firm pulled in $1.5bn for its debut Middle Market Fund in September 2008, and has used it to focus on investments in companies with enterprise values of between $150m and $750m.
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