Sale of Atlantic Marine completed
14 Jul 2010
J.F. Lehman & Company (JFL) has announced the completion of the sale of Atlantic Marine Holding Company (Atlantic Marine) to a subsidiary of BAE Systems.
Atlantic Marine is a provider of vessel maintenance, repair, overhaul and conversion (MROC) as well as marine fabrication services to government and commercial maritime customers. The company has facilities in Mobile, AL, Jacksonville and Mayport, FL and Moss Point, MS. JFL has retained the company's MROC operations in Boston, MA and Philadelphia, PA and a parcel of real estate in Mobile. The sale price was approximately $352 million, subject to customary post-closing adjustments.
Tig H. Krekel, lead director of Atlantic Marine and vice chairman of JFL, said, “We are pleased to sell Atlantic Marine to BAE Systems as we believe it will be a very complementary fit with its ship repair business and will benefit from BAE Systems’ global resources and excellent reputation.”
