The investment firms Carlyle [CG] and Stellex Capital Management on Thursday said they have completed the sale of ship repair and marine and heavy complex fabrication businesses to the private equity firm Lone Star Funds.
The transaction was first announced in February and deal terms were not disclosed.
Titan Acquisition Holdings, the ship repair and marine business now part of Lone Star Funds, consists of Vigor Industrial, an Oregon-based defense and maritime services company, Virginia-based MHI Holdings, which provides ship repair and maintenance services, and Continental Maritime of San Diego, a master ship repair contractor for the Navy. Titan’s customers include the Navy, Coast Guard, Military Sealift Command, Army, Boeing [BA], cruise lines, fishing fleets and others.
Titan is led by Jim Marcotuli.
David Waxman, managing director of Stellex, said in a statement that “After almost a decade of investing in the ship repair and defense industries, we continue to see a great deal of opportunity for growth in this space and we plan to utilize our expertise in an effort to make future strategic investments for our portfolio.”
Titan’s financial advisers on the deal were BofA Securities and Evercore.