Funds managed by global investment firm Carlyle and private equity firm Stellex Capital Management announced they have completed the sale of Titan Acquisition Holdings, a bi-coastal entity in the ship repair and marine and heavy complex fabrication industry, to an affiliate of Lone Star Funds (not named). 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, Ore.; MHI Holdings LLC, a ship repair, maintenance, and other ship husbandry services company based in Norfolk, Va.; and Continental Maritime, 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.
“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,” Derek Whang, managing director of Carlyle, said in a prepared statement. “Titan is well-positioned to maintain its positive trajectory, and we wish the team continued success in its next phase of growth.”
Latham & Watkins LLP served as legal counsel to Titan, Carlyle, and Stellex, and BofA Securities and Evercore served as financial advisors to Titan.
“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,” David Waxman, Stellex’s managing director, said. “We congratulate and thank the Titan management team and wish the company all the best in its continued endeavors. 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.”
