Funds handled by worldwide investment company Carlyle and also exclusive equity company Stellex Capital Management introduced they have actually finished the sale of Titan Acquisition Holdings, a bi-coastal leader in ship fixing solutions and also aquatic and also hefty facility construction, to an associate ofLone Star Funds The first conclusive contract of the sale was introduced in February 2023 and also the last close happened on June 15, 2023.
Titan is included Vigor Industrial LLC, a facilities, protection, and also maritime solutions business based in Portland, Oregon; MHI Holdings LLC, a ship fixing, upkeep, and also various other ship husbandry solutions business based in Norfolk, Virginia; and also Continental Maritime of San Diego (CMSD). Key Titan clients consist of the united state Navy, UNITED STATE Coast Guard, Military Sealift Command, UNITED STATE Army, Boeing, cruise ship lines, angling fleets, barges, ferryboat solutions for neighborhood and also state federal governments, and also various other vital business and also united state Government clients.
Derek Whang, Managing Director of Carlyle, claimed, “We are proud of the many accomplishments of the Titan team over the course of our partnership as we transformed the business into a national leader in ship repair. Titan is well-positioned to maintain its positive trajectory, and we wish the team continued success in its next phase of growth.”
David Waxman, Managing Director of Stellex, claimed, “With the leadership of Jim Marcotuli and the dedicated team at Titan, the Company was able to capitalize on strategic acquisitions, impressive execution and changing market dynamics to strengthen its market position while maintaining its values-driven culture. We congratulate and thank the Titan management team and wish the Company all the best in its continued endeavors.” Waxman included, “After almost a decade of investing in the ship repair and defense industries, we continue to see a great deal of opportunity for growth in this space and we plan to utilize our expertise in an effort to make future strategic investments for our portfolio.”
Latham & & Watkins LLP acted as lawful advise to Titan, Carlyle, and also Stellex, and also BofA Securities and also Evercore acted as economic experts to Titan.
