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TriMas Co. LLC, a wholly-owned subsidiary of TriMas Corp., has entered into a definitive agreement to sell its Lamons business to First Reserve, a private equity firm focused on energy investing, for $135 million in cash, subject to customary working capital and purchase price adjustments.

"A key part of TriMas’ overarching strategy is to reposition our portfolio of businesses by investing in innovation and programmatic M&A to accelerate long-term growth, predominantly in our Packaging and Aerospace segments," TriMas President and CEO Thomas Amato said in a statement.

"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.”

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. Lamons, currently part of TriMas’ specialty products segment, generated approximately $186 million in net sales for the 12 months ended September 30. TriMas will report Lamons’ results of operations as discontinued operations beginning in the fourth quarter of 2019.

The closing is expected to occur by the end of the first quarter of 2020, and remains subject to customary regulatory approvals and closing conditions. BofA Securities is serving as financial adviser and has led the sale process, while Jones Day is serving as outside legal counsel for TriMas. Current Capital is serving as financial adviser to First Reserve and Vinson & Elkins is serving as its outside legal counsel.