JF Lehman acquires US Joiner

Private equity firm J.F. Lehman & Company, New York, N.Y., which has holdings in the defense, aerospace and maritime sectors, announced today that it has acquired US Joiner LLC and Turnbull LLC in partnership with company management.

US Joiner, Crozet, Va., outfits marine interiors for U.S. Government and commercial vessel companies. Among its recent projects are the Littoral Combat Ships, LCS 1 and LCS 3, at Marinette Marine, Marinette, Wis., Fincantieri Marine Group, a series of product tankers, crude oil carriers and T-AKE dry cargo ammunition ships at General Dynamics NASSCO, San Diego, Calif., a harbor for Boston Towing built at Derecktor Shipyard, Bridgeport, Conn., and LPD Class amphibious assault ships at Huntington Ingalls (formerly Northrop Grumman Shipyards). US Joiner has about 500 employees across the U.S.

At left, is the Captain’s Day Room aboard one of the LPD Amphibious Assault Ships

“We are excited to be partnering with the US Joiner and Turnbull management teams and are pleased to welcome the companies to the J.F. Lehman & Company portfolio,” said Alex Harman, a Partner with J.F. Lehman & Company. “They are an excellent fit with our investment strategy given their leading market positions, long-standing customer relationships, and outstanding workforce.  In today’s government and commercial marine marketplace, the need for innovative, high-quality, cost-effective solutions is growing, and US Joiner and Turnbull offer a full-range of products and services to meet this demand.”

David Rathburn, President and CEO of US Joiner commented, “J.F. Lehman & Company is the ideal partner for US Joiner and Turnbull. They offer an excellent combination of unique expertise and relationships as well as capital to accelerate our growth. We look forward to continuing US Joiner and Turnbull’s proud heritage of providing unique joiner services and furniture products to the domestic and international maritime and oil and gas industry.”

Debt financing for the transaction was provided by SunTrust Bank.

Blank Rome LLP provided legal counsel to J.F. Lehman & Company.  Stifel Nicolaus Weisel, Grossman, Yanak & Ford LLP, and Feil, Pettit & Williams PLC advised Gatewick Enterprises, Inc.

July 1, 2011