Teleflex, OEM manufacturer for much of the boat industry's steering and throttle controls and engine and drive assemblies, sold its marine business yesterday in order to focus solely on its medical-technology business.
The buyer was H.I.G. Capital. Terms of the deal were disclosed as: $121.6 million sale price, consisting of $101.6 million in cash proceeds, the buyer's assumption of approximately $15.5 million in liabilities related to the business and a $4.5 million subordinated note from the buyer.
The marine unit generated net revenues of approximately $195 million during 2010.
