Lone Star Funds has actually gotten to a del to acquire united state shipbuilding as well as repair work team Titan Acquisition Holdings from peer investment company Carlyle as well asStellex Capital Management Financial terms were not divulged.
Titan is consisted of Vigor Industrial LLC, a framework, protection, as well as maritime solutions firm based in Portland, Ore.; MHI Holdings LLC, a ship repair work, upkeep, as well as various other ship husbandry solutions firm based in Norfolk, Va.; as well as Continental Maritime of San Diego (CMSD).Key Titan consumers consist of the united state Navy, UNITED STATE Coast Guard, Military Sealift Command, Boeing, cruise ship lines, angling fleets, barges, ferryboat solutions for regional as well as state federal governments, as well as various other vital industrial united state federal government consumers.
The deal is anticipated to enclose 2023 upon contentment of normal closing problems, consisting of specific governmental authorizations.
Jim Marcotuli will certainly proceed in his existing duty as Titan CHIEF EXECUTIVE OFFICER, as well as various other firm management is anticipated to stay undamaged.
“We are grateful to Carlyle and Stellex for enabling the strategic investments made over the past several years, which include the acquisition of CMSD, the repurchase of critical assets, and investments in technologies and equipment aimed at improving our service offerings,” Marcotuli claimed.
“Under new ownership, we will focus on sustaining improvements made, identifying additional areas of improvement, and opportunities for future growth. Valued customers will continue to see Titan operating companies deliver high quality service in everything we do,” Marcotuli proceeded. “We see this transaction with Lone Star, when completed, as the next step in our evolution, representing a belief on their part that Titan entities are on a steady and positive path to sustainable growth.”
Derek Whang, taking care of supervisor at Carlyle, claimed, “We are proud of the many accomplishments of the Titan team over the course of our partnership. Throughout a particularly unprecedented time, with the pandemic and supply chain constraints, the Titan team has continually executed on its strategy to successfully grow the business, refine its market segments, and expand into new geographic territories. Titan is well-positioned to maintain its positive trajectory, and we wish the team continued success in its next phase of growth.”
David Waxman, taking care of supervisor, Stellex, claimed, “From the moment Stellex acquired MHI in 2015, we have partnered with management to capitalize on changing market dynamics to build a stronger company to further serve customers with quality and reliability. The result of our investment focus was the combination of MHI with Vigor and the formation in 2019 of Titan, now a bi-coastal leader in critical ship repair services, and commercial and defense-related fabrication services. It was an incredible experience working closely with the talented Titan team, and we look forward to seeing the company continue to prosper.”
