Milly Valley and Scott Renne, owners of Blue Sea Systems, Inc., have sold the company to Power Products for an undisclosed consideration.
Founded in 1992 and based in Bellingham, WA., Blue Sea Systems, Inc. designs and manufactures marine grade electrical components and systems for power management and is widely regarded as the best in the marine market. The company is poised to capitalize on significant opportunities in the marine, emergency vehicle, mixed use industrial, renewable energy and outdoor markets.
Power Products is headquartered in Menomonee Falls, Wis. and has 998 employees around the world, with facilities in the US as well as in several other countries, including New Zealand, Mexico and China. The company develops industrial technology for multiple sectors. It is a diversified enterprise specializing in niche markets, including branded hydraulic tools and technologies, specialized products and services for energy markets, and engineered position and motion-control systems.
Scott Renne, founder of Blue Sea Systems, will remain with the company for a year as a consultant. He said the sale was part of a thought-out succession plan, something he shared with employees early on so it wouldn’t come as a surprise. “We considered many companies during this process before narrowing it down to one,” Renne said. “I think this is a natural fit and will bring a lot of new opportunities for Blue Sea Systems’ employees.”
Oaklins' team in Los Angeles acted as the exclusive financial advisor to the sellers in this transaction.
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