Kingswood and Seneca Exit Lind Marine

Kingswood Capital Management and co-investor Seneca Partners have sold Lind Marine, a provider of marine services, to Tallvine Partners.

Lind Marine provides dredging, shipyard, salvage, marine environmental remediation, tug and barge services, and bareboat charters of vessels and cranes throughout the San Francisco Bay, Mare Island, and the Sacramento and San Joaquin Rivers.

In addition to its service capabilities, Lind Marine also mines and sells sand, gravel aggregates, and oyster shell calcium, and operates Moose Boats, a manufacturer of aluminum catamarans and monohull vessels used by law enforcement, fire departments, military, and commercial customers. The company employs more than 120 people and operates out of its shipyard base on Mare Island, which features a 400-foot drydock supporting vessel repair and new construction.

 The company operates a fleet of more than 40 vessels, including more than 25 barges and six tugboats, and moves in excess of 1 million tons of sand, aggregate, and gypsum annually for construction and infrastructure customers across Northern California.

Lind Marine was founded in 1906 as Agricultural Lime and Compost, an oyster shell operation, and today is headquartered north of San Francisco in Vallejo, California.

Kingswood and Seneca acquired Lind Marine in January 2022 in partnership with Christian Lind and Aaron Lind. The transaction marked the company’s first partnership with institutional capital after more than a century of family ownership. During the four-year holding period, Kingswood focused on operational modernization, management support, and capability expansion. Jon Slangerup, a veteran maritime and logistics executive, was brought in as chief executive officer at the time of the acquisition to complement the Lind family’s operational leadership.

“We are proud of what we achieved through our partnership with Christian and Aaron and the entire Lind Marine team over the last four years,” said Alex Wolf, founder and managing partner of Kingswood Capital. “This is an excellent example of how we partner with founder families as they take on their first institutional capital, working with them and company leadership to evolve their businesses and deliver a good outcome for everyone involved.”

“The Lind family founded and built a multi-generational business with deep customer relationships and a strong reputation across the San Francisco Bay Area,” said Michael Niegsch and Andrew Kovach, partners at Kingswood Capital, in a released statement. “Together, we were able to build on that foundation by making key investments in the business, bringing in additional operational expertise, and most importantly, supporting Christian and Aaron in their vision for the company. We’re confident Lind Marine is well-positioned for continued growth.”

Mr. Lind has served as president of Lind Marine since 2000 and will continue to lead the business as CEO under Tallvine’s ownership. He and his brother, Mr. Lind, represent the third generation of family leadership at the company.

The acquisition of Lind Marine is Tallvine’s second acquisition under its North American marine infrastructure platform and follows its September 2025 acquisition of Donjon Marine, a New Jersey-headquartered provider of dredging services, salvage operations and emergency response, heavy-lift and towing capabilities, and environmental remediation. The company has additional facilities in Pennsylvania, Texas, and New York.

“The acquisition of Lind Marine marks an important step in scaling our North American marine infrastructure platform,” said Thomas Lefebvre, a partner and CEO of Tallvine Partners. “Lind Marine is highly complementary to this platform, expanding its geographic footprint into the West Coast and diversifying the customer base. We are thrilled to partner with Christian Lind and the Lind Marine team and look forward to supporting the company’s expansion plans.”

“Lind Marine will play a key role in broadening our platform’s capabilities. We look forward to partnering with the Lind Marine team to support the company’s continued growth, invest in fleet additions, execute strategic acquisitions in the region, and foster the sharing of capabilities and expertise across the platform,” said Victor Sosa, a partner at Tallvine.

The U.S. dredging services industry is a modest but stable market underpinned by federal waterway maintenance contracts, port-deepening programs, and environmental remediation mandates. According to IBISWorld, the U.S. dredging services industry had a market size of $2.5 billion in 2026. Federal investment through the Army Corps of Engineers and the bipartisan infrastructure law has promoted growth for dredging companies in recent years, with port modernization and coastal resiliency projects generating sustained demand for operators with specialized equipment and environmental expertise.

Kingswood Capital was founded in 2013 and is headquartered in Los Angeles. The firm focuses on middle-market companies undergoing operational, financial, or market-driven transitions, targeting businesses with revenues of at least $100 million across industrials, consumer, aerospace and defense, healthcare, and distribution. Kingswood’s most recent fund, Kingswood Capital Opportunities Fund III LP, closed in July 2024 at $1.5 billion, bringing the firm’s total assets under management to approximately $3.2 billion.

Seneca Partners makes majority or minority investments of $3 million to $40 million in North American-based companies with revenues from $5 million to $100 million and EBITDA of $2 million to $20 million. The firm is industry agnostic but has specific interest in specialty finance, direct-to-consumer, manufacturing, industrial services, healthcare services, and IT services. Seneca is based in the Detroit suburb of Grosse Pointe.

Tallvine Partners was founded in 2023 and is headquartered in Miami. The firm invests in North America-based middle-market infrastructure opportunities across energy and utilities, transportation and logistics, and communications. Tallvine’s four partners — Mr. Lefebvre, Chucri Hjeily, Mark Clark, and Mr. Sosa — each bring two decades of infrastructure investing experience.

Raymond James served as exclusive financial advisor to Kingswood, and Kirkland & Ellis served as legal counsel.