The Firmament Group and an investment group led by Promus Equity have made an investment in Total Seal Inc, a maker of high performance piston rings and accessories primarily for racing and the automotive aftermarket. No financial terms were disclosed.
NEW YORK, June 18, 2019 /PRNewswire/ — The Firmament Group (“Firmament”), a leading provider of tailored debt and equity capital solutions to small- and medium-sized enterprises (SMEs), announced today an investment in Total Seal Inc. (“Total Seal” or the “Company”). Founded in 1967, Total Seal develops and manufactures high performance piston rings and accessories primarily for racing and the automotive aftermarket. The Company provides products to engine builders and race teams, including those participating in NASCAR, NHRA, PDRA, INDYCAR, and Formula One, and to automobile enthusiasts, among others.
As a provider of bespoke capital solutions, Firmament provided debt capital as part of the purchase of the Company by Total Seal Vice President Matt Hartford, Jon S. Vesely, an independent sponsor, and Promus Equity Partners (“Promus Equity”), a Chicago-based investment firm that targets lower middle market companies with a strong value proposition and outstanding growth prospects. Specific terms of the transaction were not disclosed.
Concurrent with the closing of the transaction, Matt Hartford was named President and CEO of the Company. Hartford said, “Promus Equity, Jon Vesely and Firmament are great partners for Total Seal. They offer operational expertise and experience in the automotive sector as well as capital to accelerate growth. We look forward to growing our business with their support, while continuing to provide best-in-class products to our customers.”
Brian Peters, Vice President at Firmament added, “We are proud to serve as a financing partner to support Matt Hartford, Jon Vesely and Promus Equity in their purchase of Total Seal, a company with an outstanding reputation for high quality products that has been cultivated over the past half century. The Company is an excellent fit with our investment strategy given their leading market position, strong customer relationships, and outstanding growth prospects. We are excited to work with Matt and his team to continue growing the Total Seal business in the coming years.”
About Total Seal
Headquartered in Phoenix, AZ, Total Seal is a leading developer and manufacturer of performance piston rings and accessories for the automotive aftermarket and the broader industrial sector. The Company serves professional and enthusiast automobile racers, wholesalers, piston manufacturers, and industrial companies. Total Seal’s team provides unparalleled customer service and superior design capabilities, often acting as a go-to partner for the most demanding jobs in which customers seek to push the limits of engine technology.
For more information visit www.totalseal.com
About Promus Equity
Promus Equity is a private equity investment firm affiliated with Promus Holdings, a multi-family asset management firm based in Chicago, Illinois.
For more information visit www.promusequity.com
About Jon S. Vesely
Jon S. Vesely, Chairman of Total Seal, has over 25 years of experience making private equity investments and serving in senior leadership positions developing and leading growth oriented strategies in the for-profit and non-profit sectors. He is based in Scottsdale, Arizona.
About The Firmament Group
Established in 2012, The Firmament Group, provides tailored debt and equity capital solutions to small- and medium-sized enterprises (SMEs). Firmament is a value added partner to entrepreneurs, management teams and business owners and provides solutions by deploying versatile capital in a user-friendly way. Firmament seeks both senior and junior debt capital opportunities including unitranche, second lien and mezzanine debt, and also provides equity capital structured as either preferred or common equity. Headquartered in New York, with offices across the United States and London, Firmament is focused on turning small business into big business.
For more information visit www.thefirmamentgroup.com