Transactions
January 20 2017
KippsDeSanto & Co. Advises Seaward Marine Services, Inc. on Sale to MHI Holdings, LLC
KippsDeSanto & Co. is pleased to announce the sale of its client, Seaward Marine Services, Inc. (“Seaward Marine” or the “Company”) to MHI Holdings, LLC, a portfolio company ofStellex Capital Management. Seaward Marine is a leading provider of underwater hull cleaning and ship husbandry services, including underwater painting, inspections, repair sand maintenance, testing, and other specialized diving services, primarily to the U.S. Navy, as well as other commercial and government customers.
Headquartered in Norfolk, VA, and supported by additional locations in California, Florida, Hawaii, and Japan, Seaward Marine’s team of highly-trained professional divers has consistently delivered mission-critical support services around the globe for more than 35years. The Company’s reputation is established on a foundation of experience, deep domain knowledge and technical expertise, and an emphasis on safety and accountability. Seaward Marine was recently awarded another five-year, multimillion dollar contract with Naval Sea Systems Command worldwide underwater hull cleaning and ship husbandry services. The Company has developed extensive Intellectual Property and robust tools to complement its unique offerings, including advanced processes, procedures, and techniques surrounding cleaning and safety, rigorous training regimens and continuing education for Seaward personnel, and a proprietary database designed to store hull readings, diagnostics, high-quality imaging, and vulnerability reports.
We believe this transaction demonstrates several key trends in the government technology solutions M&A environment:
• Strategic acquirers remain focused on acquisitions of companies with unique skillsets and proprietary processes and intellectual property
• Value continues to be placed on companies with established relationships withdefense and commercial customers, especially those aligned with evolving budget trends
• Continued interest in transformational acquisitions that provide synergies and presentlong-term growth opportunities with enhanced profitability
LEAD INVESTMENT BANKERS
Kevin P. DeSanto
Michael J. Misantone
Brian T. Tunney
Nathan C. Wilson
KippsDeSanto & Co. is pleased to announce the sale of its client, Seaward Marine Services, Inc. (“Seaward Marine” or the “Company”) to MHI Holdings, LLC, a portfolio company ofStellex Capital Management. Seaward Marine is a leading provider of underwater hull cleaning and ship husbandry services, including underwater painting, inspections, repair sand maintenance, testing, and other specialized diving services, primarily to the U.S. Navy, as well as other commercial and government customers.
Headquartered in Norfolk, VA, and supported by additional locations in California, Florida, Hawaii, and Japan, Seaward Marine’s team of highly-trained professional divers has consistently delivered mission-critical support services around the globe for more than 35years. The Company’s reputation is established on a foundation of experience, deep domain knowledge and technical expertise, and an emphasis on safety and accountability. Seaward Marine was recently awarded another five-year, multimillion dollar contract with Naval Sea Systems Command worldwide underwater hull cleaning and ship husbandry services. The Company has developed extensive Intellectual Property and robust tools to complement its unique offerings, including advanced processes, procedures, and techniques surrounding cleaning and safety, rigorous training regimens and continuing education for Seaward personnel, and a proprietary database designed to store hull readings, diagnostics, high-quality imaging, and vulnerability reports.
We believe this transaction demonstrates several key trends in the government technology solutions M&A environment:
• Strategic acquirers remain focused on acquisitions of companies with unique skillsets and proprietary processes and intellectual property
• Value continues to be placed on companies with established relationships withdefense and commercial customers, especially those aligned with evolving budget trends
• Continued interest in transformational acquisitions that provide synergies and presentlong-term growth opportunities with enhanced profitability
LEAD INVESTMENT BANKERS
Kevin P. DeSanto
Michael J. Misantone
Brian T. Tunney
Nathan C. Wilson
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