6/19/2023 0 Comments Vigor marine![]() The opportunity to add the San Diego Shipyard to our family of companies is a natural step in our evolution given its strategic location and wealth of talented employees,” said Jim Marcotuli, CEO and President of Titan. “We are excited to add the San Diego Shipyard to our already strongly positioned and growing enterprise. The transaction is subject to customary closing conditions and closing is expected in the second quarter of this year. Army, Boeing, and non-defense and commercial customers including state and local ferry systems. Coast Guard, Military Sealift Command, the U.S. Current key customers for Titan include the U.S. This acquisition creates opportunities to better serve key defense customers, economies of scale, expanded scope, and performance optimization. The shipyard is one of the largest fleet service and repair sites in America, located in one of the nation’s largest Navy ports. MHI is one of the only private shipyards in Norfolk that can service large surface combatants and amphibious ships.Titan Acquisition Holdings, a bicoastal leader in ship repair and commercial and defense-related fabrication services created through the combination of Vigor Industrial and MHI Holdings, today announced a definitive agreement to acquire Huntington Ingalls’ San Diego Shipyard. MHI also provides hull cleaning, ship husbandry services, underwater painting and inspections, wastewater treatment, and chemical cleaning services globally. Navy and Military Sealift Command in Norfolk, Virginia. MHI Holdings LLC, owned by Stellex Capital, is a leading provider of full-range ship maintenance, repair, and modernization services to the U.S. While the company is widely known for building ferries, it also builds high-performance military craft for the United States and other allied foreign governments. Vigor excels at ship repair, specialized shipbuilding, and other complex fabrication projects in support of aerospace, defense, and infrastructure end markets. ![]() It employs 2,300 people and operates eight drydocks across the Pacific Northwest and Alaska, including the largest floating drydock in North America. Vigor Industrial LLC, majority-owned by CEO Frank Foti, is a provider of complex fabrication and ship repair services. Tom Epley will continue to lead the MHI business. Foti will also join the Board of Directors as Vice Chairman and will continue as Vigor’s CEO until a new CEO is retained. Navy officer, former NATO Alliance Supreme Allied Commander, and a current Operating Executive at The Carlyle Group, will both join the Board of Directors. Tom Rabaut, former President and CEO of United Defense and a current Operating Executive at The Carlyle Group, and Admiral James Stavridis, a retired 4-star U.S. As part of the transaction, Stellex Capital, MHI’s existing owner, will contribute new equity to the platform, while Vigor’s CEO Frank Foti will roll a portion of his existing Vigor ownership stake into the combined company.Ī CEO search is underway for the new company. Equity Opportunity Fund II, a $2.4 billion fund that focuses on middle-market and growth companies in the United States and Canada. The Carlyle Group will become majority owner of the combined company.Įquity for the investment will come from the Carlyle U.S. The MHI leadership team and our 800 employees across MHI Ship Repair, Seaward Marine and Accurate Marine remain committed to our mission.” We are excited to continue our partnership with Stellex and look forward to working with The Carlyle Group and our new colleagues at Vigor. Tom Epley, President and CEO of MHI, said, “MHI is stronger than it has ever been. I’m excited to be an investor in this adventure and to be a part of what’s to come.” This evolution takes us where we want to go, growing sustainable jobs into the future. “In addition, we are excited to join forces with a company of MHI’s caliber which has a history of delivering strong results and shares our mission to serve the people who protect our country every day. “Through this transaction, Vigor gains responsible, forward-thinking investors who will seek to build on our current platform while maintaining a values-driven culture,” said Frank Foti, President and CEO of Vigor. ![]() The transaction, subject to customary closing conditions, is expected to close by the end of the third quarter 2019. shipbuilding and repair move it was announced today that The Carlyle Group (NASDAQ: CG) and private equity firm Stellex Capital Management signed a definitive agreement to acquire and merge Vigor Industrial LLC, an infrastructure, defense, and maritime services company based in Portland, Oregon, and MHI Holdings LLC, a ship repair, maintenance, and other ship husbandry services company based in Norfolk, Virginia.
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