US-based company TriMas has announced that its subsidiary TriMas Company has agreed to sell its Lamons business to private equity firm First Reserve for $135m.

Lamons is a provider of industrial sealing and fastener solutions used in mission-critical, high-consequence applications in the petrochemical, petroleum refining, midstream energy transportation, upstream oil and gas, metropolitan water and wastewater management end markets.

The company, which is presently part of TriMas’ Specialty Products segment, generated nearly $186m in net sales for the last one year which ended on 30 September 2019.

TriMas president and CEO Thomas Amato said: “Our Lamons management team has completed a remarkable turnaround over the past few years, streamlining its manufacturing and distribution footprint, and improving operational throughput, which in turn, has resulted in higher sales and operating performance.

“As Lamons moves into the next phase of growth and development, we believe this business will benefit from First Reserve’s focus and expertise in energy-related end markets. I am pleased that we have secured a buyer for which Lamons will be an ideal fit.”

The deal is subject to customary regulatory approvals and closing conditions

The deal is expected to be completed by the end of the first quarter of next year, subject to customary regulatory approvals and closing conditions.

For the transaction, BofA Securities is serving as financial advisor and has led the sale process, while Jones Day is acting as outside legal counsel for TriMas.

On the other hand, Current Capital is serving as financial advisor to First Reserve and Vinson & Elkins is serving as its outside legal counsel.

First Reserve managing directors Gary Reaves and Neil Wizel said: “First Reserve’s investment in Lamons represents a compelling opportunity to draw on our experience in both executing corporate carve-out transactions and in acquiring energy-related industrial equipment and services companies.”

“We believe Lamons is well-positioned to benefit from favorable long-term macro and secular trends, particularly an increasing industry focus on environmental, social and governance principles and preventative maintenance spending.”