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Carlyle and Stellex Complete Sale of Titan to an Affiliate of Lone Star Funds
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Carlyle and Stellex Capital Management have completed the sale of Titan Acquisition Holdings, a ship repair services and marine fabrication company, to Lone Star Funds. Titan is well-positioned for future growth in the ship repair and defense industries.
Positive
The sale of Titan Acquisition Holdings to Lone Star Funds provides opportunities for sellers and investors in the ship repair and defense industries.
Negative
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Expected growth in ship repair and defense industries creates opportunities for sellers and investors
NEW YORK & PORTLAND, Ore.--(BUSINESS WIRE)--
Funds managed by global investment firm Carlyle (NASDAQ: CG) and private equity firm Stellex Capital Management announced they have completed the sale of Titan Acquisition Holdings, a bi-coastal leader in ship repair services and marine and heavy complex fabrication, to an affiliate of Lone Star Funds. The initial definitive agreement of the sale was announced in February 2023 and the final close took place on June 15, 2023.
Titan is comprised of Vigor Industrial LLC, an infrastructure, defense, and maritime services company based in Portland, Oregon; MHI Holdings LLC, a ship repair, maintenance, and other ship husbandry services company based in Norfolk, Virginia; and Continental Maritime of San Diego (CMSD). Key Titan customers include the U.S. Navy, U.S. Coast Guard, Military Sealift Command, U.S. Army, Boeing, cruise lines, fishing fleets, barges, ferry services for local and state governments, and other key commercial and U.S. Government customers.
Derek Whang, Managing Director of Carlyle, said: “We are proud of the many accomplishments of the Titan team over the course of our partnership as we transformed the business into a national leader in ship repair. Titan is well-positioned to maintain its positive trajectory, and we wish the team continued success in its next phase of growth.”
David Waxman, Managing Director of Stellex, said, “With the leadership of Jim Marcotuli and the dedicated team at Titan, the Company was able to capitalize on strategic acquisitions, impressive execution and changing market dynamics to strengthen its market position while maintaining its values-driven culture. We congratulate and thank the Titan management team and wish the Company all the best in its continued endeavors.” Waxman added, “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.”
Latham & Watkins LLP served as legal counsel to Titan, Carlyle, and Stellex, and BofA Securities and Evercore served as financial advisors to Titan.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $381 billion of assets under management as of March 31, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
About Stellex Capital Management
With offices in New York, Detroit, Pittsburgh, and London, Stellex is a private equity firm with over $2.6 billion in AUM. Stellex seeks to identify and deploy capital in opportunities that have the potential to provide stability, improvement, and growth. Portfolio companies benefit from Stellex’s industry knowledge, operating capabilities, network of senior executives, strategic insight, and access to capital. Sectors of particular focus include specialty manufacturing, industrial and business services, aerospace & defense, automotive, government services, transportation, logistics and food. Additional information may be found at www.stellexcapital.com.
About Titan Acquisition Holdings
A family of bicoastal leaders in ship repair, ship modernization, marine and complex fabrication services, Titan Acquisition Holdings was formed by global investment firm The Carlyle Group and private equity firm Stellex Capital Management following their 2019 acquisition of MHI Holdings and Vigor. Titan is the parent company of Vigor, operating in the Pacific Northwest and Alaska; MHI, based in Norfolk, Virginia; and Continental Maritime of San Diego (CMSD) in California. Notable Titan family customers include Boeing, Lockheed Martin, Northrop Grumman, U.S. Navy, Military Sealift Command, Maritime Administration, U.S. Army, local and state ferry systems, and commercial ship owners.
About Lone Star
Lone Star, founded by John Grayken, is a leading private equity firm advising funds that invest globally in real estate, equity, credit, and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized 22 private equity funds with aggregate capital commitments totaling approximately $86 billion. The firm organizes its funds in three series: the Commercial Real Estate Fund series; the Opportunity Fund series; and the U.S. Residential Mortgage Fund series. Lone Star invests on behalf of its limited partners, which include institutional investors such as pension funds and sovereign wealth funds, as well as foundations and endowments that support medical research, higher education, and other philanthropic causes. For more information regarding Lone Star Funds, go to www.lonestarfunds.com.
Who completed the sale of Titan Acquisition Holdings?
Carlyle and Stellex Capital Management completed the sale of Titan Acquisition Holdings.
What industries are expected to experience growth?
The ship repair and defense industries are expected to experience growth.
Who is Titan Acquisition Holdings?
Titan Acquisition Holdings is a bi-coastal leader in ship repair services and marine and heavy complex fabrication.
Who are the key customers of Titan?
Key Titan customers include the U.S. Navy, U.S. Coast Guard, Military Sealift Command, U.S. Army, Boeing, cruise lines, fishing fleets, barges, ferry services for local and state governments, and other key commercial and U.S. Government customers.
Who served as legal counsel and financial advisors to Titan?
Latham & Watkins LLP served as legal counsel to Titan, Carlyle, and Stellex, and BofA Securities and Evercore served as financial advisors to Titan.
carlyle is a global investment firm with $325 billion of assets under management. our purpose is to invest wisely and create value on behalf of our investors, portfolio companies and the communities in which we live and invest. founded in 1987 in washington, dc, carlyle has grown into one of the world’s largest and most successful global investment firms, with nearly 1,850 people operating in 26 offices across five continents.
