Marine Link
Sunday, September 25, 2016

J.F. Lehman Sells Northeast Ship Repair

November 20, 2013

Northeast Ship Repair's Philadelphia yard

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 Reporter Magazine Cover Sep 2016 - Maritime & Ship Security

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News