December 31, 2008
Atlantic Marine acquires Boston Ship Repair and Millennium
Atlantic Marine Holding Company, a J.F. Lehman portfolio company, has been on the acquisition trail. It has bought Boston Ship Acquisition, LLC, the parent of Boston Ship Repair and PennShip Services, which operates two large dry docks in Boston, Mass. and Philadelphia, Pa..
Separately, it has also acquired Moss Point, Miss., headquartered Millennium Industrial and Marine Solutions, Inc., a leading provider of remote, offshore maintenance, repair and overhaul services for offshore rigs, offshore support vessels, drill ships and cruise vessels. Millennium operates in the Gulf of Mexico and numerous international markets, including West Africa, Brazil and Singapore, and has strong, longstanding customer relationships in the offshore oil and gas market
J.F. Lehman says that the Boston Ship Repair acquisition is expected to further diversify Atlantic Marine's business by providing the company access to a new regional market, enhancing its position in the non-U.S. Navy government and cruise markets and significantly expanding its large dry dock capacity. The Millennium acquisition is expected to further diversify Atlantic Marine's service offering, enhance its position in the offshore oil and gas market and provide Millennium's customers with access to Atlantic Marine's shoreside facilitis in Mobile and Jacksonville.
C. Alexander Harman, a Partner at J.F. Lehman and a Director of Atlantic Marine, called the Boston acquisition "a great fit with Atlantic Marine and an excellent investment opportunity for J.F. Lehman. The expanded geographic reach and dry-dock assets that this combination provides Atlantic Marine will greatly enhance our ability to serve our customers."
Mr. Harman described the Millennium acquisition as "an excellent investment opportunity for J.F. Lehman & Company and is a highly complementary fit with Atlantic Marine. We look forward to partnering with Millennium's management team to grow both businesses and to better serve our customers and the marine marketplace."
Ron J. McAlear, President and CEO, Atlantic Marine Holding Company, said the newly acquired entities will operate as Atlantic Marine Boston, Atlantic Marine Philadelphia and Atlantic Marine Millennium.