International Marine and Industrial Applicators (IMIA), a portfolio company of J.F. Lehman & Company, has acquired Main Industries.
Main Industries provides surface preparation and coating services to the US Navy, US and foreign flag commercial vessels, and industrial customers. The company also provides scaffolding and environmental containment services.
Employee-owned Main Industries was founded in 1976 and is headquartered in Hampton, Virginia with an additional office in Charleston, South Carolina. The company is led by President Mike Challoner.
IMIA was acquired by J.F. Lehman in October 2018 and the acquisition of Main Industries is the first add-on acquisition completed by the company under its ownership.
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, Alabama with a presence in over 30 facilities nationally as well as in Japan.
“Main Industries is a well-established preservation services provider with a sterling reputation in the marketplace and impressive customer portfolio and capability set,” said Mr. Keenan. “We are excited to partner with the Main Industries team and look forward to leveraging our complementary service.”
J.F. Lehman is a middle-market private equity firm focused primarily on the aerospace, defense, maritime, government and environmental industries. Companies of interest have EBITDA of $10 million to $50 million and are headquartered in North America or the United Kingdom. J.F. Lehman is headquartered in New York with an additional office in Washington DC. The firm was founded in 1992 by Dr. John Lehman, who served six years as Secretary of the United States Navy.
© 2021 Private Equity Professional | April 20, 2021