GE Capital Solutions said it has acquired CitiCapital's Marine Finance division, an Irving, Texas unit of Citigroup.
CitiCapital Marine finances and leases commercial workboats
and passenger vessels in U.S. and Canadian waters and the Gulf of Mexico.
The acquisition, which closed last week, will add approximately $250 million in assets to GE Capital Solutions’ marine portfolio. Terms of the agreement were not disclosed.
Joseph Pitch, senior vice president, CitiCapital Marine Finance, will join GE as part of the Marine industry team.
GE Capital Solutions finances such vessels as tugs and barges, car and passenger ferries, pilot boats, offshore supply vessels/anchor handlers and dredges and derrick cranes.