Fox Three Partners, LLC Acquires Walashek Industrial & Marine, Inc.
Private investment company partners with management team to acquire leading provider of ship repair services in the United States.
Feb 26, 2016, 11:37 ET
VIRGINIA BEACH, Va., Feb. 26, 2016 /PRNewswire/ -- Fox Three Partners, LLC ("Fox Three"), a private investment company focused on the lower middle market, announced today the acquisition of Walashek Industrial & Marine, Inc. ("WIM"). Fox Three partnered with WIM management, Frank and Paula Walashek, in the purchase. Founded in 1986 by Frank Walashek, WIM provides a full range of mobile ship repair services including welding, piping, machinery and structural repair, marine propulsion repair and auxiliary boiler repair.
"For 30 years, Walashek Industrial & Marine has been providing its customers with the highest quality service. We look forward to continuing this legacy and are proud to be associated with the outstanding team at WIM," said Taylor Grant, Founder & Managing Partner at Fox Three. "WIM headquarters, currently in Seattle, WA, will be moved to Norfolk, VA where the Company currently manages one of its branches. WIM is a great example of the caliber of companies we have here in Hampton Roads."
"It was important to find a partner who could understand our culture, strategy and potential," said Frank Walashek, formerly the Norfolk branch manager and now CEO of WIM. "Fox Three showed they understand how smaller companies like WIM operate. We are looking forward to continuing to build our relationship with Fox Three and leveraging their capabilities to help WIM achieve its potential."
"We are excited about the partnership with Fox Three, and are going to continue to refine the company as we focus on increased growth with our current and new customers," said Paula Walashek, now Vice President of WIM. "The traditions of first class service will remain central to WIM's success in the marketplace."
About Fox Three Partners
Fox Three is a Virginia Beach, VA-based private investment company focused on the lower middle market. It looks to acquire and grow companies up to $100 million in enterprise value with a track record of profitability, defensible market position and strong growth prospects. For more information go to www.fox3partners.com.
SOURCE Fox Three Partners, LLC
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