KLH Capital has made an investment in Premiere Seals. The founders of the company – Gail and Robin Selby – partnered with KLH in a recapitalization to create a partial liquidity event while also providing the company with a new partner and capital structure to support the company’s future growth plans.
Premiere Seals is a supplier of high-volume, custom manufactured molded plastic, rubber, and metal components such as seals, O-rings, and gaskets to a variety of end markets, including the communications, HVAC, pool & spa, and lawn care industries. The company also provides assembly services. Premiere Seals was founded in 1998 and is headquartered in Holiday, FL (www.premiere-seals.com).
KLH Capital is a SBIC-licensed private equity firm that invests in manufacturing, distribution and service companies with revenues between $10 million and $100 million and EBITDA of at least $2 million. In August 2016, the firm held a final close of KLH Capital Fund III with $155 million in committed capital. Beginning with Fund III, KLH will make minority equity investments in addition to control investments. The firm is headquartered in Tampa (www.klhcapital.com).
“Gail Selby has successfully built Premiere Seals into a knowledgeable and dependable supplier,” said Chris Hart, Partner. “We are pleased to partner with a proven leader as the company expands with its existing customers and into new products and end markets.” KLH’s investment will support the company as it builds its existing customer base and enters new products and end markets both organically and through add-on acquisitions.
“We are excited about the KLH partnership and the company’s next phase of growth” said President Gail Selby. “I look forward to working with KLH as we execute our strategic initiatives.”
Plexus Capital and USAmeriBank provided debt to support this transaction.
© 2017 Private Equity Professional | June 29, 2017
