An affiliate of private equity firm Lone Star Funds has completed its acquisition of ship repair services provider Titan Acquisition Holdings from global investment firm Carlyle (Nasdaq: CG) and Stellex Capital Management.
The transaction was first announced in February.
Titan is the parent company of three ship repair and marine fabrication services companies: Vigor Industrial in Portland, Oregon; MHI Holdings in Norfolk, Virginia; and Continental Maritime of San Diego, according to a joint release published Thursday.
Titan’s key customers include Boeing (NYSE: BA), Lockheed Martin (NYSE: LMT), Northrop Grumman (NYSE: NOC), the U.S. Navy, U.S. Coast Guard, U.S. Army, Military Sealift Command, Maritime Administration, ferry services for state and local governments and commercial ship owners.
“With the leadership of Jim Marcotuli and the dedicated team at Titan, the Company was able to capitalize on strategic acquisitions, impressive execution and changing market dynamics to strengthen its market position while maintaining its values-driven culture,” said David Waxman, managing director of Stellex.
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