Private equity company J.F. Lehman & & Company (JFLCO) reports that a financial investment associate has actually authorized a clear-cut contract to obtain Chelmsford, U.K., headquartered Global Marine Group.
Separately, Global Marine Group’s bulk proprietor, HC2 Holdings,Inc (NYSE: HCHC), stated that the overall base factor to consider for 100% of GMG (omitting its share in a joint-venture that is the subject an earlier sales contract) will certainly be around $250 million in money, based on popular closing changes, plus a possible future earn-out need to JFLCO as well as its financial investment associates accomplish a defined multiple of their spent resources.
With a heritage dating to 1850, Global Marine Group is a leading carrier of subsea cord upkeep as well as setup solutions to the telecoms, offshore wind as well as energy markets worldwide. GMG possesses as well as runs a very specialized fleet of aquatic devices as well as vessels, consisting of 3 cord setup as well as repair work vessels, 4 cord upkeep vessels as well as 19 staff transfer vessels, run by subsidiary C Wind.
“Global Marine Group has been a market leading provider of critical marine services for decades and is an exciting addition to the JFLCO portfolio of companies,” stated Alex Harman, a Partner with JFLCO. “The Company’s strong market positions, comprehensive suite of unique services and assets, and talented workforce align well with our investment strategy.” Will Hanenberg, a Principal at JFLCO included, “We believe the Company has significant opportunities for growth in its core telecommunications and offshore wind markets, and we look forward to supporting the Global Marine Group team as it executes its exciting vision for the future.”
Dick Fagerstal, Chairman of Global Marine Group commented, “I believe JFLCO is an excellent partner for GMG to help facilitate the next phase of our growth. Together with Ian Douglas, CEO of GMG, and the rest of the Global Marine Group management team, we look forward to leveraging JFLCO’s extensive maritime experience and considerable capital base in further developing GMG’s core business in the telecommunication and offshore wind markets.”
The contract, which undergoes popular closing problems, is anticipated to enclose the very first quarter of 2020.
Debt funding for the purchase was given byDeutsche Bank Winchester Capital acted as economic expert to JFLCO as well as Jones Day (lead advice) as well as Blank Rome (maritime) offered lawful guidance. Deutsche Bank as well as ABN AMRO acted as economic expert to Global Marine Group as well as Hogan Lovells given lawful advice.
