Miami, April 11, 2018 – Subsea Global Solutions is pleased to announce the successful closing of its partnership with GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm which invests in middle market business services and industrial companies, effective March 29, 2018. Subsea Global Solutions (“SGS” or “the Company”) is the leading provider of underwater vessel maintenance, inspection and repair services to ship owners, managers and operators within diversified marine transportation and construction sectors. Subsea services include hull and propeller fleet management, underwater wet welding, seal replacement, tunnel & azimuth thruster repair, and environmental hull cleaning. The Company provides both routine hull maintenance services to drive fuel efficiencies and highly technical repair solutions allowing vessel operators to reduce dry-docking costs, while keeping the vessel in service. The Company is headquartered in Miami, Florida, and operates out of 12 facilities worldwide. SGS was previously owned by Lariat Partners, a Denver-based private equity firm, and SGS Management.
“GenNx360 is pleased to make this investment in SGS,” said Matt Guenther, the GenNx360 Managing Partner who led the transaction. “SGS is a world-class organization that is extremely well-positioned to capitalize on the increasing demand for innovative underwater maintenance and repair techniques and services. We look forward to working with SGS’s strong, experienced management team to broaden its offerings through organic growth and strategic add-on acquisitions and expand its geographic reach, both in the U.S. and abroad.”
Paul Peters, CEO and President of SGS, said, “This is an extremely exciting time for us at SGS. We chose GenNx360 as our partner as we believe they bring the experience and expertise needed as we embark on this next chapter of growth and investment for the company. This partnership will help SGS to solidify it’s position as the world’s number one source for global underwater solutions and enhance our customer-centric, innovative service portfolio even further.”
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business services and industrial companies. We invest in companies with proven and sustainable business models in expanding industries with the objective of implementing the required operating changes to deliver cost efficiencies, accelerate growth, and generate strong financial returns. Target industries include industrial machinery and components, logistics and supply chain solutions, industrial and environmental services, food and agricultural products and services, infrastructure equipment and services, specialty chemicals, packaging, and aerospace and defense. GenNx360 was founded in 2006 and is headquartered in New York City. For more information on GenNx360 Capital Partners, please visit http://www.gennx360.com.
About Subsea Global Solutions
Subsea Global Solutions is a global corporation with wholly-owned assets and personnel in 12 locations, including its headquarters in Miami, 4 additional U.S. locations and 7 locations worldwide. Subsea Global Solutions has revolutionized the methods of repair and maintenance for ships and advanced procedures used in underwater marine construction. Its name serves to accentuate the shared values of the SUBSEA GLOBAL SOLUTIONS companies, and its commitment to be “The One Source for Global Underwater Solutions.” All offices are approved by the major classification societies. For more information on Subsea Global Solutions, please visit http://www.subseaglobalsolutions.com.
For media inquiries about this press release, please contact:
Subsea Global Solutions
Paul Peters, Chief Executive Officer
Tel: +1 305.571.9700
GenNx360 Capital Partners
Carmen Rojas, Investor Relations Manager
Tel: +1 212.257.6772