Atlantic Marine in $352m takeover deal by BAE Systems
DEFENCE giant BAE Systems has acquired shipping construction and maintenance company Atlantic Marine for $352m (£244m), bolstering the group’s ship repair business.
BAE will acquire the majority of the Florida based company from JFL-AMH Partners, a portfolio company currently owned by private equity firm JF Lehman.
Under the definitive agreement, JFL-AMH Partners will retain Atlantic Marine’s Boston and Philadelphia operations.
Linda Hudson, president and chief executive officer of BAE’s US business said: “The acquisition of Atlantic Marine’s operations, highly skilled workforce, and marine fabrication capabilities will enhance BAE Systems’ ability to serve customers in the naval support and upgrade sector.”
As part of the deal, which is expected to close during the third quarter of this year and after it receives regulation approval, will be funded by BAE’s existing cash resources.
The deal — which still has to clear the regulatory procedures — is expected to be completed in the late summer and will include the purchase of Atlantic Marine’s Jacksonvile shipyard and dedicated on-site superyacht refit and repair facility.
BAE is looking to expand its existing US shipyard network to help it complete on-going US Navy contracts. Other Florida yards in Mayport and Mobile are also being purchased.
Yacht activity accounts for a quarter of the work performed at the Jacksonville yard. It benefits from two covered yacht enclosures of 250ft (76m) and 320ft (106m) and a floating dock able to accommodate craft up to 620ft (189m) or 14,000t.
On average Atlantic Marine works on 25-30 superyachts a year usually of 150ft (45m) or more.
“The deal has only just been announced and it is too early to say if there will be any change to the yacht activity,” A BAE spokesman told SB.
Atlantic Marine in Jacksonville, Florida is the closest shipyard to Ft. Lauderdale that can handle megayachts.
Yacht enclosures that fully enclose yachts up to 300 feet against inclement weather and overspray
Extensive experience with modern zero speed fin stabilizers
Yacht quality finish paint coats and teak decking
Short and quick transit to/from Atlantic Ocean
Dry dock that can handle yachts up to 620 feet