CHATTANOOGA, Tenn. (July 3, 2013) - FourBridges Capital Advisors today announced the sale of INCA Molded Products, Inc. to SeaStar Solutions, (formerly Teleflex Marine).
Founded in 1979 by Jim Porter, INCA pioneered the development of the plastic fuel tank industry and currently is one of the largest manufacturers and suppliers of rotationally molded marine products. The Nashville, Tennessee-based company is the only marine fuel tank manufacturer that utilizes RotoLoPerm® technology, an innovative, multi-layer technology that is fully compliant with recent regulatory changes set forth by the Environmental Protection Agency. RotoLoPerm® achieves ultra-low permeation levels while maintaining the overall quality of standard crosslink polyethylene fuel tanks.
Headquartered in Litchfield, Ill., SeaStar Solutions is a leading supplier of marine steering and control systems, engine parts and related products. SeaStar is a portfolio company of H.I.G. Capital, a Miami-based private investment firm with more than $12 billion of capital under management.
"Although the boating industry had been negatively impacted by the recession, Jim Porter's new approach to compliance enabled the company to successfully pivot and build momentum in sales and profitability," said FourBridges Managing Director Andy Stockett.
INCA engaged FourBridges to facilitate a sale that would transition ownership from Porter and achieve certain estate planning objectives. The FourBridges team focused on structuring a transaction that accomplished Porter's personal goals while attributing value to the proprietary nature of INCA's product design and its increasing acceptance by leading manufacturers in the boating market.
"Given the more extensive marine fuel tank regulations that recently took effect, INCA's technology attracted the interest of several strategic acquirers," Stockett said. "FourBridges helped Jim and his management team explore each of their options. Ultimately, SeaStar Solutions provided a platform that would best position INCA for continued growth and success."
About INCA Molded Products, Inc.
INCA is a Nashville, Tennessee-based manufacturer of rotationally molded plastic products. Founded in 1979, the Company was a leader in the plastic fuel tank industry's development and currently is one of the largest manufacturers and suppliers of rotationally molded marine products. Stemming from its success in the marine industry, INCA has grown into an original equipment manufacturer of custom components for a range of markets, serving customers worldwide.
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, Shields, Detwiler, Prime Line and Proheat brands, the Company's products are recognized for their quality, reliability and technical innovation.
About FourBridges Capital Advisors (Member FINRA/SIPC)
FourBridges Capital is a middle market investment banking firm based in Chattanooga, Tenn., that represents business owners in buying companies, selling companies and accessing capital for growth. Each of the senior professionals at FourBridges has been a corporate C-level executive, and they leverage their extensive capital markets experience to achieve superior results for their clients.