NEW YORK, April 3, 2018 /PRNewswire/ -- GenNx360 Capital Partners ("GenNx360"), a New York-based private equity firm which invests in middle market business services and industrial companies is pleased to announce the successful closing of its acquisition of Subsea Global Solutions ("Subsea" or "the Company"), effective March 29, 2018. Subsea is a provider of underwater vessel maintenance, inspection and repair services to vessel owners and operators within diversified marine transportation and construction sectors. Subsea services include hull and propeller fleet management, underwater wet welding, seal replacement, tunnel thruster repair, azimuth thruster repair, and environmental hull cleaning. The Company provides both routine hull maintenance services to drive fuel efficiencies and highly technical repair solutions allowing vessel operators to reduce dry-docking costs, while keeping the vessel in service. The Company is headquartered in Miami, Florida, and operates out of 12 facilities worldwide. Subsea was previously owned by Lariat Partners, a Denver-based private equity firm, and Subsea Management.
"GenNx360 is pleased to make this investment in Subsea," said Matt Guenther, the GenNx360 Managing Partner who led the transaction. "Subsea is a world-class organization that is extremely well-positioned to capitalize on the increasing demand for innovative underwater maintenance and repair techniques and services. We look forward to working with Subsea's strong, experienced management team to broaden its offerings through organic growth and strategic add-on acquisitions and expand its geographic reach, both in the U.S. and abroad."
Paul Peters, CEO and President of Subsea, said, "We chose GenNx360 as our partner as we believe they are uniquely capable of supporting the Company's continued growth in existing and new markets. The Subsea team is excited to partner with GenNx360 in continuing to build the company to the next level."
Houlihan Lokey, Inc., the global investment bank, served as the sell-side advisor in connection with this transaction. Financial terms of the transaction were not disclosed.
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business services and industrial companies. We invest in companies with proven and sustainable business models in expanding industries with the objective of implementing the required operating changes to deliver cost efficiencies, accelerate growth, and generate strong financial returns. Target industries include industrial machinery and components, logistics and supply chain solutions, industrial and environmental services, food and agricultural products and services, infrastructure equipment and services, specialty chemicals, packaging, and aerospace and defense. GenNx360 was founded in 2006 and is headquartered in New York City. For more information on GenNx360 Capital Partners, please visit http://www.gennx360.com.
About Subsea Global Solutions
Subsea Global Solutions is a global corporation with wholly-owned assets and personnel in 12 locations, including its headquarters in Miami, 4 additional U.S. locations and 7 locations worldwide. Subsea Global Solutions has revolutionized the methods of repair and maintenance for ships and advanced procedures used in underwater marine construction. Its name serves to accentuate the shared values of the SUBSEA GLOBAL SOLUTIONS companies, and its commitment to be "The One Source for Global Underwater Solutions." All offices are approved by the major classification societies. For more information on Subsea Global Solutions, please visit http://www.subseasolutions.com
For media inquiries about this press release, please contact:
GenNx360 Capital Partners
Carmen Rojas, Investor Relations Manager
Tel: +1 212.257.6772
SOURCE GenNx360 Capital Partners