Carlyle and Stellex Complete Sale of Titan to an Affiliate of Lone Star Funds
Funds managed by global investment firm Carlyle and private equity firm Stellex Capital Management announced they have completed the sale of Titan Acquisition Holdings, a bi-coastal leader in ship repair services and marine and heavy complex fabrication, to an affiliate of Lone Star Funds. The initial definitive agreement of the sale was announced in February 2023 and the final close took place on June 15, 2023.Titan is comprised of Vigor Industrial LLC, an infrastructure, defense…
Lone Star Buys Shipyards Group Titan from Carlyle, Stellex Capital
Lone Star Funds has reached a del to buy U.S. shipbuilding and repair group Titan Acquisition Holdings from peer investment firms Carlyle and Stellex Capital Management. Financial terms were not disclosed.Titan is comprised of Vigor Industrial LLC, an infrastructure, defense, and maritime services company based in Portland, Ore.; MHI Holdings LLC, a ship repair, maintenance, and other ship husbandry services company based in Norfolk, Va.; and Continental Maritime of San Diego (CMSD). Key Titan customers include the U.S. Navy, U.S.
Vigor, MHI Acquired and Merged
In one a dramatic U.S. shipbuilding and repair move it was announced today that The Carlyle Group (NASDAQ: CG) and private equity firm Stellex Capital Management signed a definitive agreement to acquire and merge Vigor Industrial LLC, an infrastructure, defense, and maritime services company based in Portland, Oregon, and MHI Holdings LLC, a ship repair, maintenance, and other ship husbandry services company based in Norfolk, Virginia.The transaction, subject to customary closing conditions…
Navy Put Port Ship-husbandry Services Under the Microscope
Secretary of the Navy Ray Mabus has spelled out in a memorandum his expectations for the review and audit of procedures, administration, and performance of all husbanding and port services contracts. "Back in September, I directed a complete review of our husbanding and port services contracts following the investigation into contracting procedures in the Pacific Fleet. This tasking memo reiterates the urgency of that review and provides additional tasking," said Mabus. Assistant Secretary of the Navy (Research…
ISS Offers Management of Pollution Response in China
Inchcape Shipping Services China launches pollution regulation intermediary service. Inchcape Shipping Services (ISS), the world’s leading maritime services provider, today announced the launch of an intermediary service for ships calling at ports in China. The move is in response to new pollution prevention and control regulations introduced by Chinese regulators and the service is already fully operational. The Prevention and Control of Marine Pollution from Ships directive, issued by China's Maritime Safety Agency (MSA) requires full compliance from shipowners and managers by 1 March 2012.
New Navy Contracts
Seaward Marine Services, Inc., Fairfax, Va., was awarded a $9,096,597 modification to previously awarded contract (N00024-09-D-4219) on Nov. 13, 2009, for waterborne hull cleaning and associated services to support the director of ocean engineering, supervisor of salvage and diving. The primary purpose of this contract is to provide hull cleaning, hull inspection and other related ship husbandry services on the underwater portion of Navy, Coast Guard, Army and Military Sealift Command ships and craft. Work will be performed in Norfolk, Va. (54 percent); Mayport, Fla. (24 percent); Ingleside, Texas (17 percent); and New London, Conn. (5 percent). Work is expected to be completed by August 2010. The Naval Sea Systems Command, Patuxent River, Md., is the contracting activity.
New Navy Contracts
Northrop Grumman Shipbuilding, Inc., Newport News, Va., is being awarded a $28,000,000 modification to previously awarded contract (N00024-08-C-2100) for planned and growth supplemental work for the accomplishment of the fiscal year 2008 Extended Drydocking Selected Restricted Availability (EDSRA) of USS Enterprise (CVN 65). The CVN 65 FY08 EDSRA is a ship depot availability of approximately 16-month duration. EDSRAs are similar to overhauls in that they restore the ship, including all subsystems that affect combat capability and safety, to established performance standards. Additionally, an EDSRA provides an opportunity to perform hull inspections and recoating, and other maintenance related evolutions below the waterline that cannot be accomplished while the ship is waterborne.
