J.F. Lehman Exits Northeast Ship Repair
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J.F. Lehman Exits Northeast Ship Repair

northeastJ.F. Lehman & Company has sold its portfolio company, Northeast Ship Repair, to Plexus Capital and NewSpring Capital. J.F. Lehman & Company acquired Northeast Ship Repair in 2008.

Northeast Ship Repair is a provider of large vessel maintenance, repair and overhaul services for the US Government non-combatant fleet and commercial customers. With facilities in Boston and Philadelphia, 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 (www.northeastship.com).

“We are very pleased to sell Northeast Ship Repair to Plexus and NewSpring,” said Alex Harman, Partner at J.F. Lehman. “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.”

J.F. Lehman & Company is a middle-market private equity firm focused primarily on the maritime, defense, and aerospace sectors. The firm was founded by Dr. John Lehman, who served six years as Secretary of the United States Navy. To date, J.F. Lehman has made investments in companies with an aggregate transaction value of approximately $1.6 billion. The firm was founded in 1992 and is headquartered in New York with additional offices in Washington, DC and London (www.jflpartners.com).

Plexus invests from $1 million to $20 million of subordinated debt and equity in companies that have revenues of at least $15 million and cash flows of at least $2 million. Sectors of interest include business services; consumer services; healthcare; manufacturing; value-add distribution and other general industry. Plexus Capital operates as a licensed SBIC with approximately $550 million of capital under management across three funds. The firm was founded in 2005 has offices in Charlotte and Raleigh, NC (www.plexuscap.com).

NewSpring Capital is a family of private equity funds providing growth equity and mezzanine capital. The firm has offices in Radnor, PA; Short Hills, NJ; Washington, DC; and Baltimore, MD (www.newspringcapital.com).

Lincoln International (www.lincolninternational.com) provided M&A advisory services to J.F. Lehman in connection with the transaction.

© 2013 PEPD • Private Equity’s Leading News Magazine • 11-22-13

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