NSi Completes 3rd Add-on Acquisition of 2019
November 14, 2019Blue Sea Capital LLC (“Blue Sea Capital”) announced that its portfolio company, NSi Industries (“NSi” or the “Company”), has acquired SullStar Technologies Inc. (“SullStar”), a Simi Valley, CA based designer of patented connectors and tools for low voltage electrical applications. For the past 20 years, SullStar has served as the primary technology developer and supplier to NSi’s low voltage division. The acquisition formally unites the product and innovation strength of SullStar with the channel access and customer relationships of NSi.
“SullStar is the inventor of numerous global patents in and around the low voltage tools and connectors space,” said G. R. Schrotenboer, CEO of NSi. “This acquisition ties together the sales infrastructure and acumen of NSi with the development expertise of SullStar, further strengthening NSi’s leadership position in the low voltage market.”
“This acquisition formalizes the long-standing partnership between SullStar and Platinum Tools under the NSi ownership umbrella, bringing substantial value to NSi and the broader market,” said Rob Sullivan, founder of SullStar. “NSi is an industry leader with tremendous resources and reach. We are pleased to be joining a company that has the same dedication to offering the highest quality products that bring installation ease and efficiency to our customers. We look forward to working with the NSi team to continue to provide new and innovative solutions to our entire customer base.”
Andy Boswell, Partner at Blue Sea Capital, added “We are very pleased to formally unite SullStar with NSi’s low voltage division given the two businesses’ long-term symbiotic operating history. The acquisition of SullStar is yet another step in NSi’s enhanced growth trajectory under Blue Sea Capital’s ownership. NSi has nearly tripled in size since our initial investment in 2016, all the while, staying true to the Company’s core customer-centric and high-service business model.”
About SullStar Technologies
SullStar Technologies (www.sullstar.com), founded in 1999, is the original designer and patent holder for a variety of leading low voltage connector and associated crimp tool products. Its market leading products include the ezEX-RJ45® Connector and the EZ-RJPro® Crimp Tool, along with numerous other products that are used primarily in telecom, datacom and other low voltage applications.
About NSi Industries
NSi (www.nsiindustries.com), headquartered in Huntersville, North Carolina, is a leading supplier of a wide variety of electrical connector, fitting, control and wire management products for construction, maintenance and repair applications. NSi’s well-known brands include Polaris™ insulated connectors, Bridgeport Fittings, TORK® time and lighting controls and Platinum Tools® connectors & tools. NSi has a 40-year history of providing innovative, profitable and quality solutions to its distributor partners with an unparalleled customer-centric approach.
Blue Sea Capital is a private equity firm based in West Palm Beach, Florida that invests in growth-oriented lower middle market companies valued up to $300 million. The firm has over $1.4 billion in assets under management and invests across three industry verticals: aerospace & defense, healthcare and industrial growth. Blue Sea Capital’s strategy is to partner with talented leaders and differentiated companies, typically as the first or second institutional investor, and deliver strategic and operational value-add that drives growth acceleration, industry outperformance and business transformation.
