A J.F. Lehman & Company affiliate has completed the acquisition of Global Marine Group, a provider of subsea cable installation and maintenance services to the telecommunications, offshore renewables, utility and oil & gas industries.
Global Marine said Monday that JFLCO had completed the purchase of the company for an enterprise value of $250 million.
In a separate transaction, Global Marine fully divested its stake in Huawei Marine Networks after 12 successful years, for a total enterprise value of $285 million.
"Under prior owner HC2 Holdings, Inc., GMG successfully grew its core telecommunications business as well as completed two strategic acquisitions – CWind Limited and Fugro’s cable lay and trenching business – to expand and deepen GMG’s presence in the offshore renewables and power market," Global Marine said.
Ian Douglas, Chief Executive Officer at Global Marine, said, “I’m extremely proud of GMG’s achievements over the last few years. As a business, we continue to grow from the efforts of our great team and the continued faith and support of our customers. I’m excited about the opportunity that lies ahead, and the prospect to work with our new owner, JFLCO, who shares our vision for growth and brings the drive and stability that will enable us to achieve our long term goals, whilst maintaining the high levels of service that we’re recognized for today.”
Ian Douglas continues, “In the last year, GMG has demonstrated its commitment to driving innovation and working in collaboration with the broader industry to bring solutions to customers’ challenges demonstrated through its Pre Lay Plough and the Hybrid SES projects. We have also expanded our fleet, including the most recent addition, Normand Clipper, a flexible vessel with broad subsea installation capabilities. This year we look forward to commencing major projects including the installation for Vattenfall at the Danish Kriegers Flak wind farm, as well as a number of other significant projects to be announced.”
JFLCO Partner, Alex Harman, said, “GMG represents a fantastic opportunity for JFLCO. The team, led by Ian Douglas, has shown great ambition and appreciation of their customer base. We believe the Company’s strong market position, a comprehensive suite of services and assets developed to meet market demands, and talented workforce aligns with JFLCO’s investment strategy. We are delighted to partner with Ian, GMG’s Chairman Dick Fagerstal and the entire team and look forward to our shared success in the years to come.”
Fugro, a Dutch offshore survey company said the sale of GMG stake from HC2 Holdings, resulted in $37 million net proceeds for Fugro. Fugro held a 23.6% equity interest in GMG. Fugro said it would use the proceeds to reduce debt.