J.F. Lehman & Company has acquired International Marine & Industrial Applicators, LLC and Craft and Technical Solutions, LLC (collectively IMIA) from IMIA Group.
IMIA provides vessel preservation services to hulls, tanks and other coated areas on US Navy submarines, aircraft carriers, and other combat vessels as well as commercial vessels. The core services of the company are steel grit, dry abrasive and water blasting, HVLP (high-volume, low-pressure) and spray-painting, specialty coatings and linings, abatement and containment, and high-pressure water washing.
IMIA, led by CEO Mike Keenan, was founded in 1985 and is headquartered near Mobile in Spanish Fort, AL with a presence in over 30 facilities nationally as well as in Japan (www.imiallc.com).
“J.F. Lehman & Company is a great partner for IMIA,” said Mr. Keenan. “They offer an excellent combination of unique expertise and relationships as well as capital to accelerate our growth. We look forward to continuing IMIA’s proud heritage of providing best-in-class preservation services to the US maritime industry.”
“We are excited to be partnering with the IMIA management team and are pleased to welcome the company to the J.F. Lehman & Company portfolio,” said Alex Harman, a Partner with JFLCO. “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 high-quality, reliable, safe and cost-effective preservation solutions is growing, and IMIA offers a full range of services to meet this demand.”
J.F. Lehman & Company is a middle-market private equity firm focused primarily on the maritime, defense, and aerospace sectors. The firm was founded in 1992 by Dr. John Lehman, who served six years as Secretary of the United States Navy. To date, J.F. Lehman has acquired 64 operating entities within 25 platform investments with an aggregate transaction value of approximately $3.1 billion. The firm is headquartered in New York with an additional office in Washington, DC (www.jflpartners.com).
Debt financing for the transaction was provided by Ares Management (www.aresmgmt.com).
Mensura Capital (www.mensuracapital.com) was the financial advisor to IMIA Group.
© 2018 Private Equity Professional | October 30, 2018
