J.F. Lehman Sells Northeast Ship Repair

MarineLink.com
Wednesday, November 20, 2013
Northeast Ship Repair's Philadelphia yard

J.F. Lehman & Company, a middle-market private equity firm focused on the maritime, defense and aerospace sectors, announced today that it has sold its portfolio company, Northeast Ship Repair, Inc. to affiliates of Plexus Capital and NewSpring Capital.

The sale of Northeast Ship Repair follows J.F. Lehman's recent sales of ACR Electronics and Drew Marine, both announced on November 19.

Northeast Ship Repair is a provider of large vessel maintenance, repair and overhaul services for the U.S. Government noncombatant fleet and commercial customers. With facilities in Boston and Philadelphia, Northeast Ship Repair operates two of the drydocks on the East and Gulf Coasts capable of servicing vessels in excess of 750 feet in length. Northeast Ship Repair was acquired in 2008.

“We are very pleased to sell Northeast Ship Repair to Plexus and NewSpring,” said Alex Harman, Partner at JFLCO. “Northeast Ship Repair President Ed Snyder and his team have done a fantastic job growing the business in partnership with us over the last five years. We appreciate the fine efforts of all involved and are confident that Plexus and NewSpring have acquired a great platform for future growth.”

Lincoln International provided M&A advisory services for the seller in connection with the transaction and Blank Rome served as legal advisor to the seller.

jflpartners.com
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Solstad CSV Gets Propulsion Overhaul at Gibdock

Gibraltar’s Gibdock shipyard has completed its scope of work on Solstad Shipping’s Normand Cutter, a 127-meter-long, 10,979grt construction support vessel (CSV)

Tanker Allision on the Piscataqua River

The U.S. Coast Guard says it is continuing to monitor the condition of the chemical tanker Chem Venus, after it allided with three unoccupied, moored sailboats

Damen Signs MOU with Sydney City Marine

Damen Shipyards Group and Sydney City Marine have signed a Memorandum of Understanding (MOU) outlining the future cooperation of the two companies concerning the

Finance

Baltic Index Rises on Increased Demand Across Segments

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday on higher demand across all vessel segments.

PALFINGER Finalizes Harding Acquisition

The PALFINGER Group closed the acquisition of 100 percent of the shares in Herkules Harding Holding AS, i.e. the globally operating Harding Group, supplier of lifesaving

Beijing Slams South China Sea Court Proceedings

Permanent Court of Arbitration ruling set for July 12. An international court said it would deliver a hotly anticipated ruling in the Philippines' case against

News

Senate Confirms Three to Serve on Federal Maritime Commission

The U.S. Senate has confirmed the nominations of three individuals to serve as Federal Maritime Commissioners: Rebecca F. Dye, Michael A. Khouri and Daniel B. Maffei.

Norsafe Secures Contract with VARD Group

Norsafe informs it has signed a new contract with VARD Group, and will supply lifeboats complete with davit systems to a series of 15 new vessels.    Topaz Energy

Enclosed Space Safety Rule Enters into Force

A new regulation aimed at protecting seafarers who need to enter enclosed spaces, by requiring ships to carry portable atmosphere testing equipment on board, enters into force on July 1, 2016.

Mergers & Acquisitions

PALFINGER Finalizes Harding Acquisition

The PALFINGER Group closed the acquisition of 100 percent of the shares in Herkules Harding Holding AS, i.e. the globally operating Harding Group, supplier of lifesaving

NAT Takes Delivery of Suezmax, Earnings Capacity Up

Nordic American Tankers Limited ("NAT" or "the Company") announced that it today took delivery of a Suezmax vessel, the Nordic Sirius, built at a shipyard in Japan.

UASC and Hapag-Lloyd Merger in the Last Leap

A merger between United Arab Shipping Company (UASC)  and German container shipping line Hapag-Lloyd will create a shipping group that is the 5th largest in the

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Port Authority Ship Simulators Sonar 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: 0.2000 sec (5 req/sec)