Boyne Capital has acquired Ryan Construction Co. and Ryan Marine, Inc. (together Ryan Marine) in partnership with the company’s senior management team.
Ryan Marine is a provider of marine and industrial contracting and maintenance services including marine retention walls and pilings, industrial foundations, utility support/installation, shoreline erosion control, environmental remediation, trenching, and earthmoving.
Customers of the company – located across the Hampton Roads region of Virginia where major naval and industrial infrastructure is present – include many blue-chip customers in the government and industrial end markets, including defense, logistics and utilities. The company is led by CEO Ryan Nelms and is headquartered in Suffolk, Virginia.
“We are excited to be part of the Boyne portfolio,” said Mr. Nelms. “This partnership will assist Ryan Marine in developing the corporate infrastructure to better serve its current customers, while also providing strategic guidance to increase our market share in delivering specialized services to our customers across the Mid-Atlantic region.”
“Ryan Marine has leveraged its best-in-class service standards, reputation, and longstanding presence in the community to develop lasting, reoccurring relationships in the Hampton Roads region,” said Derek McDowell, the managing partner of Boyne Capital. “We are excited to partner with Ryan and the team to support the company’s next phase of growth as a mission-critical service provider for its customers. This investment is another example of Boyne’s focus in partnering with leading infrastructure services businesses.”
Boyne’s buy of Ryan Marine was made through its second fund, BCM Fund II LP, which closed in July 2020 at its hard cap with $246 million of capital. Last month, Boyne – also through Fund II – acquired McKee Utility Contractors, an Oklahoma-based provider of water and sewer infrastructure services to utilities across Texas, Oklahoma, and Arkansas.
Boyne Capital makes investments in lower middle-market market companies that have revenues less than $100 million, and EBITDA of $3 million to $15 million. Sectors of interest include healthcare services, agriculture, consumer products, niche manufacturing, and business and financial services. The firm was founded by Mr. McDowell in 2006 and is headquartered in Miami, Florida.
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