NOVEMBER 20, 2013 — Private equity firm J.F. Lehman & Company reports that it has sold its portfolio company, Northeast Ship Repair, Inc. to affiliates of Plexus Capital and NewSpring Capital.
The news follows closely on the announcement that J.F; Lehman had sold two other marine sector companies, Drew Marine and ACR Electronics.
Northeast Ship Repair is a provider of large vessel maintenance, repair and overhaul services for the U.S. Government non-combatant fleet and commercial customers. With facilities in Boston, MA and Philadelphia, PA, Northeast Ship Repair operates two of the dry docks on the East and Gulf Coasts capable of servicing vessels in excess of 750 feet in length.
Northeast Ship Repair was acquired by Lehman in 2008 by its then portfolio company Atlantic Marine Holdings. When BAE Systems bought Atlantic Marine Holdings in 2010, the Boston and Philadelphia yards were not included in the transaction.
"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.