JFLCO Acquires Global Marine Group
British-headquartered specialist provider of submarine cables Global Marine Group (GMG) has been acquired by an investment affiliate of private equity firm J.F. Lehman & Company (JFLCO) for around $250 million.
With a legacy dating to 1850, GMG owns and operates a highly specialized fleet of marine equipment and vessels, including three cable installation and repair vessels, four cable maintenance vessels and 19 crew transfer vessels, enabling the company to provide its suite of highly technical offshore engineering services quickly and effectively to customers anywhere in the world.
"Global Marine Group has been a market leading provider of critical marine services for decades and is an exciting addition to the JFLCO portfolio of companies," said Alex Harman, a Partner with JFLCO.
"GMG's strong market positions, comprehensive suite of unique services and assets, and talented workforce align well with our investment strategy," he added.
Will Hanenberg, a Principal at JFLCO said, "We believe the Company has significant opportunities for growth in its core telecommunications and offshore wind markets, and we look forward to supporting the Global Marine Group team as it executes its exciting vision for the future."
Dick Fagerstal, Chairman of Global Marine Group said, "Together with Ian Douglas, CEO of GMG, and the rest of the Global Marine Group management team, we look forward to leveraging JFLCO's extensive maritime experience and considerable capital base in further developing GMG's core business in the telecommunication and offshore wind markets."