Branford Castle Partners has acquired Marine Floats, a specialty marine contractor.
Marine Floats designs, secures necessary permits for, and manufactures custom marinas, dock systems, covered moorage, and other waterfront structures for Pacific Northwest-based residential and commercial customers including salt and fresh water marinas, yacht clubs, ports and industrial facilities.
The company’s start-to-finish services model includes biological evaluations, consulting, engineering, management of federal, state and local permitting processes, project design and management, fabrication and installation. Marine Floats, led by its president and owner Logan Brown, was founded in 1976 and is headquartered in Tacoma, Washington.
“In partnership with Branford Castle, we are excited to expand our offerings and our reach, to provide even more high-quality services to our customers,” said Mr. Brown.
“Branford and its affiliates have been successful investors in specialty marine businesses for decades, and we’re eager to support Marine Floats on its voyage,” said David Castle, the managing partner of Branford Castle.
“The Branford team looks forward to partnering with Logan to continue to expand the breadth and reach of Marine Floats’ services,” said Marilyn Yang, a principal at Branford Castle. “We believe the company’s unique, integrated engineering and environmental consulting expertise delivers exceptional value to its customers.”
Branford Castle invests in companies that have enterprise values of up to $100 million and EBITDA of less than $15 million. Sectors of interest include consumer products and services, commercial distribution, industrial and specialty manufacturing, business services, and logistics.
For the past 15 years, President and CEO John S. Castle and Managing Partner David Castle have led New York City-headquartered Branford Castle which has an additional office in Boca Raton, Florida.
Marine Floats is the fifth portfolio company for Branford’s second fund which held its final close in 2021.
© 2023 Private Equity Professional | October 17, 2023
