J.F. Lehman & Company Completes Sale of Atlantic Marine

Tuesday, July 13, 2010

 J.F. Lehman & Company completed the sale of Atlantic Marine Holding Company to a subsidiary of BAE Systems, Inc. Atlantic Marine is a provider of vessel maintenance, repair, overhaul and conversion (“MROC”) as well as marine fabrication services to government and commercial maritime customers. The company has operations in Mobile, AL, Jacksonville and Mayport, FL and Moss Point, MS. JFL has retained the company’s MROC operations in Boston, MA and Philadelphia, PA and a parcel of real estate in Mobile. The sale price was approximately $352 million, subject to customary post-closing adjustments. An investment affiliate of JFL acquired the business in August 2006.  Tig H. Krekel, Lead Director of Atlantic Marine and Vice Chairman of JFL, said, "We are pleased to sell Atlantic Marine to BAE Systems as we believe it will be a very complementary fit with its ship repair business and will benefit from BAE Systems’ global resources and excellent reputation."
J.P. Morgan, led by Managing Director Chris Ventresca, provided M&A advisory services for the seller in connection with the transaction. Mike Dyer and Peter Schnur led the Blank Rome legal team advising the seller.


 
 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

DP World in Talks With Banks for $3b Loan

Dubai-owned port operator DP World is in talks with lenders to triple the size of an existing $1 billion loan, as well as extend the lifespan and reduce the interest rate,

Newport News, ODU Partner for Bachelor's Degree Program

Huntington Ingalls Industries (HII) announced today that apprentices at Newport News Shipbuilding will now have the opportunity to earn a bachelor of science degree

Azeri Shipyard, BP Sign Vessel Construction Contract

Azeri state energy company SOCAR's shipyard and British oil major BP have signed a $378 million deal to design and build a subsea construction vessel for the Shah Deniz II gas project,

Finance

Petroecuador Tenders to Buy High Octane Naphtha

State-run Petroecuador has launched two tenders to buy a total of 22 cargoes, 240,000 barrels each, of high octane naphtha RON 87 and 93 for delivery starting on May 21-23,

DP World in Talks With Banks for $3b Loan

Dubai-owned port operator DP World is in talks with lenders to triple the size of an existing $1 billion loan, as well as extend the lifespan and reduce the interest rate,

Norway's Oil Sector May Face More Project Cuts, Delays

More oil and gas projects in Norway could be put on hold because of rising costs, adding to a growing list of developments that have been delayed or called off,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1002 sec (10 req/sec)