H.I.G. Capital has added on to its portfolio company Ship Supply International with the buy of Universal Maritime.
Universal is a full-service ship chandler (a dealer in supplies and equipment for ships and boats) that provides provisions, bonded goods and deck & engine supplies to customers across the West Coast. The company, founded by Mike Tsalickis, is headquartered near Long Beach in Harbor City, CA which gives it access to the ports of Los Angeles, Long Beach, San Diego, Oakland and San Francisco (www.universalmaritime.net).
Ship Supply International, acquired by H.I.G. in November 2015, provides last-mile delivery of products and maritime services to cruise, cargo and military marine vessels. The company utilizes an asset-light business model and serves customers in over 100 domestic and international ports. Ship Supply, led by CEO Ares Michaelides, was founded in 1968 and is headquartered in Miami (www.shipsup.com).
“We are excited about the Universal transaction,” said Mr. Michaelides. “The launch of our US West Coast operations is a significant milestone for Ship Supply. The strategic rationale for this acquisition is highly compelling, particularly for our clients. The transaction allows customers to receive unmatched service, high-quality products and reliable delivery from a single-source supplier with coast-to-coast capabilities.”
“This acquisition is the culmination of a focused initiative to pursue a strategic combination with the leading West Coast port logistics provider,” said Jeff Zanarini, a Managing Director at H.I.G. “After a two-year process examining our options, we are thrilled to be expanding the Ship Supply network to include a quality operator like Universal, an organization synonymous with best-in-class customer service. Universal is the fifth add-on we have completed since our original investment in Ship Supply, with more to follow. We have demonstrated great promise in our national roll-out strategy, and we remain committed to continuing our steadfast support of Ship Supply’s robust acquisition program.”
H.I.G. specializes in providing capital to small and medium-sized companies and invests in management-led buyouts and recapitalizations of manufacturing and service businesses. H.I.G. has more than $24 billion of capital under management. The firm is based in Miami with additional offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta, London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro (www.higcapital.com).
© 2018 Private Equity Professional | April 5, 2018