Heartwood Partners announced it has completed the sale of Sur-Seal to Brodie Generational Capital Partners (BGCP), marking the private equity firm’s fifth exit over the past 13 months. The transaction was executed by Heartwood Partners III, LP (Fund III) and affiliated entities.
Sur-Seal provides highly engineered sealing, thermal management, and custom material converting solutions for customers across the electric vehicle, mobility, HVAC, medical, and industrial technology markets. The company’s capabilities span advanced materials, precision converting, and rapid prototyping, and it serves global OEMs through multiple operating facilities in the U.S. and Mexico.
BGCP, the buyer, focuses on long-term ownership of middle-market industrial businesses. With the acquisition, Sur-Seal transitions from Heartwood’s ownership to a new sponsor that emphasizes generational-style holding periods rather than shorter-term financial exits.
Heartwood said that during its ownership period, Sur-Seal pursued a focused plan aimed at expanding technical capabilities, strengthening engineering talent, and reinforcing its position as a value-added solutions provider to customers. The company also invested in automation, quality systems, and commercial infrastructure intended to support scalable growth.
M&A played a role in that expansion. Heartwood highlighted Sur-Seal’s acquisitions of Mueller Die Cut Solutions and Kent Manufacturing, which it said broadened the company’s geographic footprint, expanded materials science expertise, and enhanced its ability to serve customers in faster-growing end markets.
Sur-Seal CEO Pete Futia credited Heartwood with supporting investments in people and operations while helping build a broader platform. Heartwood Managing Partner James Sidwa pointed to operational improvements and market expansion as outcomes of what the firm described as a collaborative, lower-leverage ownership approach.
Heartwood currently manages more than $1.3 billion in investments and commitments (as of Dec. 31, 2024) and is investing from Heartwood Partners IV, LP, with a focus on founder-, family-, and management-held businesses across niche manufacturing, specialty chemicals, food, agriculture, packaging, and industrial and consumer services.
Support: William Blair served as financial advisor on the sale, and Finn Dixon & Herling LLP served as legal advisor to Sur-Seal and its investors.
KEY QUOTES:
“Heartwood Partners has been an exceptional partner throughout this journey. Their support, strategic guidance, and commitment to investing in our people and capabilities enabled us to transform Sur-Seal into a stronger, more diversified, and more innovative organization. Together, we built a platform that is well-positioned for continued growth, and I’m incredibly proud of what our team has accomplished. We are excited to partner with Brodie Generational Capital Partners for the next chapter.”
Pete Futia, CEO, Sur-Seal
“Sur-Seal’s leadership team executed extraordinarily well against a clear strategic roadmap. The Company’s growth, operational improvements, and expansion into new markets reflect the strength of the management team and the power of our collaborative, lower-leverage approach. We are grateful for the partnership with the management team and board members and look forward to watching Sur-Seal continue its success under BGCP’s stewardship.”
James Sidwa, Managing Partner, Heartwood Partners
