Total Seal sold to Equity firm

[mk e]

Hope this isn't a repost but poking arounf the total seal website I found this and can't imagine it ending well for total seal:

http://03baea6.netsolhost.com/news/tota ... pany-sold/

Total Seal® Piston Rings Company Sold to an investment group led by Promus Equity Partners, Jon S. Vesely and Total Seal President Matt Hartford

June 10, 2019 Phoenix, Arizona Total Seal® Piston Rings, the undisputed leader in high performance ring design founded by Joe Moriarty over 50 years ago, has been sold to an investment group led by Promus Equity Partners, Jon S. Vesely and Total Seal President Matt Hartford. The sale was finalized June 7th, 2019, and released in a joint statement by Joey Moriarty, son of founder Joe Moriarty, Promus Equity Partners, Jon S. Vesely and Matt Hartford.

Moriarty said, “My dad would be pleased that Matt is carrying on Total Seal, maintaining the integrity of the company and furthering our position as the leaders in Piston Ring technology for racing and high performance markets.” Hartford commented, “I’m looking forward to continuing our development of the very latest in piston ring designs for the racing and automotive industry. We have some very exciting new advancements that will further solidify our leadership position.”

Hartford served as Vice President of the company since joining Total Seal in 1998, and is now the CEO and President. Hartford previously was a Nuclear Engineer in the US Navy.

Promus Equity Partners and Jon S. Vesely, Chairman of Total Seal, said, “We’re grateful to partner with Total Seal’s Matt Hartford to position the company for its next chapter with a plan to make ongoing investments in the company to serve our valued customers all over the globe for years into the future. Total Seal has a reputation of leading the industry in all the markets it serves and we are very excited about the future for the company, building on their strengths and expanding their reach.”

From the finest High Performance Piston Rings, to the ultimate ring tools and specialty lubricants, the top engine builders, race teams and enthusiasts of NASCAR, NHRA, PDRA, INDYCAR, and Formula 1 choose Total Seal®.

Total Seal®Piston Rings
800-874-2753 or 623-587-7400
www.TotalSeal.com
About Promus Equity Partners
Promus Equity Partners is a private equity investment firm affiliated with Promus Holdings, a multi-family asset management firm based in Chicago, Illinois.

About Jon S. Vesely
Jon S. Vesely, Chairman of Total Seal, has over 25 years 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.

[Warp Speed]

Matt is still the big wig of the company, so I don't expect any negative affects from the sale.

[mk e]

That it usually a 6-12 month deal, then development ends, customer service and unpopular part numbers slashed, production moved, quality ignored and profit extracted......a lot of borrowing while the company's credit is still good too and the money vanishes much like when the mob "helps" a business. Usually, hopefully not, but usually

[midnightbluS10]

Everybody I know seems to think it was a good move. Matt Hartford has been doing good things for total seal afaik.

[JoePorting]

This sounds like the same Chicago company that bought out part of Edelbrock, but I don't see it in their portfolio.

https://promusequity.com/portfolio.php

[superpursuit]

This sounds like the same Chicago company that bought out part of Edelbrock, but I don't see it in their portfolio.

https://promusequity.com/portfolio.php

It is there now. Must have just updated.

[Alaskaracer]

I wouldn't worry about Total Seal going anywhere. As long as Matt is at the helm, it's good. I might be wrong, but I believe that Matt needed the help of that equity firm to purchase the company. He's been calling the shots a long time there and finally decided to pull the trigger and make it his more or less....

[engineguyBill]

In my opinion, Total Seal is in good hands under the direction of Matt Hartford. Matt had been vice-president at Total Seal, he and Joey Moriarty did an very good job of running the company after Joe Sr.'s retirement several years ago. Matt has retained most, if not all, of Total Seal's long-timr dedicated employees such as Greg Keeley (purchasing), Keith Jones and Ed Law (sales & technical), etc., etc.
Am pretty certain that the organization will continue to grow and prosper in future years.

[midnightbluS10]

Matt's definitely no slouch. He was a Nuclear engineer in the Navy and you don't get that job being of avg intelligence. He did a heck of a job today at Maple Grove, too.