Subsea Global Solutions (SGS), a portfolio company of Lariat Partners, has acquired All-Sea Underwater Solutions. Lariat Partners acquired SGS in November 2013.
All-Sea Underwater Solutions provides underwater ship repair and maintenance. The company has developed specialized, proprietary equipment and procedures that its uses to carry out underwater maintenance and technical repairs anywhere in the world. All-Sea, led by CEO Vincent Cummings, was founded in 1978 and employs more than 100 full-time divers, engineers and technicians. The company has locations in Vancouver, Halifax, and St. John, Canada; Busan, Korea; and Port Angeles, WA (www.all-sea.com).
Subsea Global Solutions is a provider of underwater repair, maintenance and marine construction based in Miami. The company, led by CEO Paul Peters, has operations and personnel in Miami, Tampa, Long Beach, Galveston, Curacao, Trinidad, Seattle and Brazil (www.subseasolutions.com).
“The combination of these two industry leading companies falls perfectly in line with our firm’s CORE investment strategy,” said Jay Coughlon, Co-Founder and Managing Partner of Lariat Partners. “We look forward to further building this platform and helping the newly expanded SGS continue to drive innovation in the underwater maintenance and repair industry.” Lariat’s “CORE” investment strategy refers to consolidations, consumables and recurring revenue businesses.
Lariat invests in lower middle market companies that have EBITDA of $2 million to $20 million. The firm targets companies across a number of industries including specialty agriculture, environmental services, consumer products and maritime services. Lariat raised its first investment fund in July 2014 with $118 million of capital commitments. The firm was founded in January 2013 and is based in Denver (www.lariatpartners.net).
© 2017 Private Equity Professional | March 8, 2017
