Carlyle and Stellex sell ship repair services provider Titan to Lone Star

• Latham & Watkins LLP served as legal counsel to Titan, Carlyle, and Stellex, and BofA Securities and Evercore served as financial advisors to Titan
• Carlyle has $381 billion of assets under management as of March 31, 2023
• Stellex has over $2.6 billion in assets under management

Carlyle and Stellex Capital Management have sold Portland, Oregon-based Titan, a provider of ship repair services and marine and complex fabrications, to Lone Star Funds. No financial terms were disclosed.

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.

On the transaction, Derek Whang, managing director of Carlyle, said in a statement, “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. 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.

Carlyle has $381 billion of assets under management as of March 31, 2023.

Stellex has over $2.6 billion in assets under management.

Lone Star has aggregate capital commitments totaling approximately $86 billion.