J.F. Lehman Closes Global Marine Buy

J.F. Lehman & Company (JFLCO) has acquired Global Marine Group, a provider of specialized marine engineering services, from publicly traded HC2.

Global Marine Group (GMG) is a provider of subsea cable maintenance and installation services to the telecommunications, offshore wind and utility markets worldwide.

 The company owns and operates a fleet of specialized marine equipment and vessels, including three cable installation and repair vessels, four cable maintenance vessels, and 19 crew transfer vessels.

“Global Marine Group represents an exciting addition to our portfolio,” said Alex Harman, a partner at JFLCO. “The company’s leading market position, loyal and diversified global customer base and strong track record of performance align well with our established investment criteria. We plan to pursue new opportunities for growth by leveraging the highly respected Global Marine brand and the company’s unique subsea engineering capabilities and assets.”

GMG is led by CEO Ian Douglas and is headquartered northeast of London in Chelmsford, UK. “JFLCO is the ideal partner for GMG,” said Mr. Douglas. “They offer a unique combination of maritime expertise, relationships and capital that should enable GMG to enhance services to our longstanding customer base as well as pursue growth opportunities identified by our management team over the past several years.”

J.F. Lehman is a middle-market private equity firm focused primarily on the aerospace, defense, maritime, government and environmental industries. The firm was founded in 1992 by Dr. John Lehman, who served six years as Secretary of the United States Navy. J.F. Lehman is headquartered in New York with an additional office in Washington DC.

New York City-based HC2 (formerly Primus Telecommunications Group), the seller of GMG, is a publicly traded (NYSE: HCHC) holding company with operating subsidiaries active in the construction, energy, telecommunications, life sciences, broadcasting, and insurance. The company’s largest operating subsidiary is DBM Global, a provider of structural and steel construction services.

Winchester Capital was the financial advisor to JFLCO, and Deutsche Bank and ABN AMRO were the financial advisors to GMG.

Debt financing for the transaction was provided by Deutsche Bank.

© 2020 Private Equity Professional | March 3, 2020

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