Transaction Combines Industry Leaders in Power Management Systems to Marine and Other Rugged Environment Applications, Providing Both with Opportunities to Accelerate Growth
Intrepid today announced the sale of Blue Sea Systems, Inc., a designer and manufacturer of marine-grade electrical components and systems for power management, to Power Products, LLC, a portfolio company of Sentinel Capital Partners. Blue Sea Systems engaged Intrepid to explore opportunities that would provide liquidity to shareholders, and enable the company to accelerate its growth. Intrepid acted as exclusive financial advisor to Blue Sea Systems.
“Blue Sea Systems was founded on a commitment to create innovative high quality marine electrical products to improve the safety, simplicity and reliability of boating,” said Scott Renne, President and Founder of Blue Sea Systems. “Intrepid’s team understood our passion for boating, and they did a great job of telling our story and articulating our strengths and potential to the marketplace. We created the value and Intrepid’s team unlocked it.”
“Blue Sea Systems was built by a passionate team that lived and breathed the company’s mission, and built an iconic brand in the boating industry by doing so. We were thrilled to advise the company in a process that attracted substantial interest from a broad range of suitors,” said Ed Bagdasarian, CEO and Managing Director of Intrepid.
Blue Sea Systems, based in Bellingham, Wash., designs and manufactures electrical products and systems for harsh environments, and serves customers in more than 40 countries. Founded in 1992, the company’s products provide circuit protection, switching, monitoring and power conversion for mission critical low voltage DC and specialized AC applications, and are sold to distributors, retailers, boat and vehicle builders and component manufacturers worldwide.
Power Products designs and manufactures a broad product portfolio of electrical components and power management systems for marine, specialty vehicle, industrial and construction markets under the Marinco®, Mastervolt, Ancor®, BEP, ProMariner, Gardner Bender®, Acme Electric® and Turner Electric® brands. Power Products is headquartered in Menomonee Falls, Wis., with facilities across the United States and in the Netherlands, New Zealand, Mexico and China.