Subsea Global Solutions, a portfolio company of GenNx360 Capital Partners, has acquired the commercial diving division of T&T Salvage Asia (TTSA). GenNx360 acquired Subsea Global from Lariat Partners in March 2018.
Subsea Global Solutions (SGS) is a provider of underwater repair, maintenance and marine construction based in Miami. The company, led by CEO Paul Peters, has operations and personnel in the US (Miami, Tampa, Long Beach, Houston, and Port Angeles), the Caribbean (Curacao and Trinidad), Canada (Vancouver, Halifax, and Saint John), and South Korea (Busan).
“The buy of the Singapore-based commercial diving division of T&T Salvage is a strategic addition to our recent acquisition of Singapore-based Underwater Contractors,” said Mr. Peters. “Creating a single platform under the SGS umbrella with the most advanced technologies, special repair equipment, and more than 40 skilled diver/technicians will give us the optimum operational efficiency as well as the bench depth to deliver unparalleled value to our customers in this highly competitive market.”
“This transaction represents SGS’ fourth add-on acquisition,” said Matt Guenther, a managing partner of GenNx360 who led the transaction. “Since GenNx360’s investment in March 2018, SGS has pursued an aggressive expansion strategy both establishing new territories and improving density and operational efficiency in existing territories.” The three earlier add-on acquisitions were Long Beach, California-based Muldoon Marine Services in November 2018; Singapore-based Underwater Contractors (UWC) in November 2019; and Sydney, Australia-based Gray Diving Services also in November 2019.
“I am excited to take on the challenge of integrating both UWC and the commercial diving division of TTSA under the SGS brand and building the most capable commercial diving company in Singapore,” said Captain Satnam Singh Kumar, the managing director of Asia Pacific for SGS. “TTSA has a great reputation and will complement UWC’s capabilities nicely, as we aim to transform the commercial diving industry globally, focusing to raise the bar on the safety and quality overall in all segments we operate in.”
New York City-based GenNx360 invests equity of $25 million to $75 million in companies that have revenues from $75 million to $250 million and EBITDA from $8 million to $25 million. Typical transaction sizes range from $50 million to $200 million. Target industries include industrial machinery and components, logistics, industrial and environmental services, food and agricultural products and services, infrastructure equipment and services, specialty chemicals, packaging, and aerospace and defense.
© 2020 Private Equity Professional | February 21, 2020
