Dometic closes acquisition
As announced on November 22, Dometic entered into an agreement to acquire SeaStar Solutions from affiliates of American Securities LLC. Completion of the transaction was subject to certain conditions, including clearance from the relevant competition authorities. All approvals have now been obtained. Dometic will pay a cash purchase price of USD 875 million for SeaStar Solutions, on a cash and debt free basis. Transaction costs will amount to approximately USD 7 million (approximately SEK 60 million).
SeaStar Solutions is a leading, global provider of vessel control, fuel systems and system integration to the marine industry. SeaStar Solutions is the market leader in its key product areas with strong market shares. The company today operates some of the strongest brands in the market, such as SeaStar, Xtreme, MOELLER, Optimus and Sierra. The Sierra aftermarket platform is the world’s largest independent marine aftermarket supplier. SeaStar Solutions is based in North America and employs approximately 1,250 people.
“I am truly excited about welcoming SeaStar Solutions to Dometic. The company will play a key role in our strategic ambition to build a broader global leadership in the marine business. As a combined company, we will be able to offer our partners and customers a very strong and unique range of products, services and support. The whole Dometic team looks forward to start working together with our new colleagues from SeaStar Solutions”, says Roger Johansson, President and CEO of Dometic.