STOCKHOLM, Nov 22 (Reuters) - Sweden's Dometic DOMETIC.ST , a maker of appliances for caravans and boats, said on Wednesday it was buying Seastar Solutions in a $875 million deal from affiliates of American Securities LLC, strengthening its position in the marine industry.
Dometic, which has made expansion in the marine industry as a strategic priority, said the acquisition, fully financed via cash and committed bank facilities, was expected to close in the fourth quarter.
"The acquisition is an excellent strategic fit and greatly reinforces our position in the marine business," Dometic Chief Executive Roger Johansson said in a statement.
North America-based SeaStar, a maker of vessel control systems, fuel systems and system integration to the marine industry, has around 1,250 staff.
It is seen reporting sales of $320 million and earnings before interest, taxes depreciation and amortization of $85 million in 2017, Dometic said.
"With the acquisition of SeaStar Solutions, Dometic significantly broadens the marine offering in North America and creates a strong, global platform for further expansion in an industry with good potential for profitable growth," Dometic said.