|
19 May 2010 ,
Written by Dhruv Tanwar
|
|
BAE Systems has said that it has entered into a definitive agreement to acquire Atlantic Marine Holding Company (Atlantic Marine) from JFL-AMH Partners, a portfolio company of the private equity firm JF Lehman & Company, for $352 million in cash. The acquisition will add to the company's ship repair business, and is said to be in line with its strategy to migrating capabilities into naval modernization and upgrade.
Founded in 1964, Atlantic Marine is a privately held vessel maintenance, repair, overhaul and conversion (MROC), marine fabrication, and ship construction services provider with operations at Mayport and Jacksonville, Florida; Moss Point, Mississippi; and Mobile, Alabama. After the acquisition, it will become part of BAE Systems' Ship Repair business, complementing BAE Systems' existing ship repair and upgrade capabilities to further serve the US Navy and other maritime customers. Atlantic Marine employs around 1,000 people.
The acquisition does not include Atlantic Marine's Boston and Philadelphia operations, which will be retained by JFL-AMH Partners. BAE Systems will fund the acquisition through its existing cash resources and expects the transaction to close in the third quarter of 2010. |