Jordan Company News

HGIM Corp., the parent company to U.S.-based Harvey Gulf International Marine, LLC, announced on Thursday that the holders of over 85% of its common stock, including Gladiator Investments, LLC, an affiliate of Shane J. Guidry, Walker Ridge Capital Management, LLC, an affiliate of The Jordan Company LP, and certain affiliates of Black Diamond Capital Management, L.L.C., have entered into a securityholders agreement. In connection with the agreement, Sherman Edmiston and James Swent have resigned from the board of directors…

Harvey Gulf International Marine announced that it has completed its financial restructuring and emerged from Chapter 11 Bankruptcy proceedings. This marks the completion of the Plan of Reorganization approved by the bankruptcy court, 77 days following Harvey Gulf’s prepackaged filing. Under the reorganization, Harvey Gulf has shed approximately $1 Billion in debt and emerges with a dramatically de-leveraged balance sheet. Additionally, the Company has kept its commitments to its trade vendors, paying all unsecured claims in full. Harvey Gulf will combine its new financial strength with its long history of operational excellence as the industry leader in safety and environmental protection…

A primer for navigating the ‘ups and downs’ of marine money for domestic stakeholders. Vessel financiers are resourceful and adaptable to changing markets. On the domestic side, financiers of Jones Act and “brown water” assets have continued to serve their customers through shifting shoals in both broader capital markets and in the marine markets – both known for their ups and downs. Marine finance can take many forms. In the broadest sense, funding can be done through loans, where the vessel is owned by the borrower…

Gulf of Mexico deepwater oil explorer Venari Resources LLC said on Wednesday it had raised $1.3 billion from original backers Warburg Pincus LLC, Kelso & Co, the Jordan Company and Temasek Holdings, as well as new investors. GIC, Singapore's sovereign wealth fund, and BlackRock Inc's private equity arm participated in the new round of equity commitments, joining private equity firms Warburg Pincus, Kelso and Jordan, as well as Singapore state-owned investment firm Temasek. The four original investors formed Venari in 2012 with $1.1 billion in equity commitments. The new funds will be used to help develop assets Venari has discovered since 2012, as well as bolster the company's exploration program, Venari Chief Executive Brian Reinsborough said in an interview.

Harvey Gulf International Marine has sold its towing division to Signet Maritime Corporation. Through the deal, Signet will acquire eight offshore towing vessels (OTVs) ranging in size from 75 to 153 metric tons bollard pull. The sale will encompass all Harvey OTVs, spares, business and supplies. The transfer of OTV ownership was completed on May 15, 2014 in New Orleans, Louisiana with financing provided by Wells Fargo Equipment Finance as part of a $209 million syndicated financing facility.

Drew Marine announced it is merging with ACR Electronics, Inc., a global provider of safety products and solutions to the aviation, marine, military and commercial markets worldwide. ACR’s core products include life-saving devices such as rescue beacons, safety lights, and other safety equipment which have been sold for decades under the ACR and Artex brands. Drew Marine is a global provider of technical solutions and services to the maritime and offshore industries specializing in fire, safety and rescue (FSR), water treatment, maintenance chemicals, fuel management and welding and refrigeration products. “The addition of ACR to Drew Marine is part of our strategy to expand our offerings in the safety and rescue markets,” said Len Gelosa, Drew Marine President and CEO.

Leading middle-market private equity firm focused on the maritime, defense and aerospace sectors, J.F. Lehman, has sold its portfolio company Drew Marine to affiliates of The Jordan Company. With a corporate heritage that dates back to 1928, Drew Marine is the leading independent global manufacturer and provider of advanced performance chemicals and safety solutions to virtually every sector of the international maritime and offshore markets. Terms of the transaction were not disclosed. Since acquiring Drew Marine in 2009, J.F. Lehman worked successfully with the company’s management team to reinvigorate Drew Marine'’s core business of providing global maritime customers (representing over 11…