Equity Partners HG brokers sale of Sailing Specialties, Inc. to SSI Custom Plastics Partners, LLC
For Immediate Release | June 7, 2017
Sailing Specialties, Inc. (“the Company”) has completed a going concern sale transaction with SSI Custom Plastics Partners, LLC. Maryland based Equity Partners HG served as investment banker for the seller.
Founded in 1974 and located in southern Maryland, Sailing Specialties, Inc. has become a premier plastic thermoforming company, manufacturing the largest selection of custom and proprietary thermoformed plastic products in the marine industry. The Company retained Equity Partners HG in early February to find a buyer that would allow the owner, Greig Parks, to retire after operating the company for over 40 years. The ideal outcome sought by Greig was to locate a buyer that would continue operations in southern Maryland and continue to provide the quality and service his longtime customer base has come to expect. Equity Partners HG ran an exhaustive marketing process, reaching out to thousands of prospective buyers. Following a thorough evaluation of the market, Equity Partners HG narrowed the field down to the two most logical buyers. After extensive negotiations with both groups, the owner chose to move forward with SSI Custom Plastics Partners, LLC, the principals of which are Maryland based investors that have successfully owned and operated various manufacturing facilities across the country.
Hank Waida, managing director at Equity Partners HG stated, “Greig Parks built an outstanding company servicing many of the largest boat manufacturers in the country. I am pleased we were able to find a buyer with a similar passion for the marine industry, and the experience and financial wherewithal to take Sailing Specialties, Inc. to the next level.”
Other professionals who worked on the transaction include: