Subsea Global Solutions (SGS), a portfolio company of U.S. private equity firm Lariat Partners, has acquired All-Sea Underwater Solutions, a Vancouver-based provider of underwater ship maintenance, repair and marine construction solutions. No financial terms were released. Miami, Florida’s SGS said the acquisition expands its scope of services, enhances innovation, and broadens its global footprint. Established in 1978, All-Sea has locations in Canada, the United States and Asia. Lariat completed a recapitalization deal with SGS in 2013.
Subsea Global Solutions Acquisition of All-Sea Underwater Solutions
Combination Creates global leader in providing underwater ship repair, maintenance and marine construction solutions
DENVER, March 3, 2017 /PRNewswire/ — Lariat Partners, a Denver-based private equity firm, today announced that its portfolio company Subsea Global Solutions (SGS) has acquired All-Sea Underwater Solutions (All-Sea), creating a global leader in providing underwater ship maintenance, repair and marine construction solutions.
“We are excited to add All-Sea to the Subsea Global Solutions family which will expand our scope of services, further drive innovation, and broaden our global footprint,” said Paul Peters, Chief Executive Officer of SGS. “We have worked together as partners in this industry for years and have always had a strong alignment of values and cultures. It is great to now bring the entire team together as one.”
Vincent Cummings, CEO of All-Sea added, “This merger into Subsea Global Solutions gives our team the ability to continue our growth and better serve our clientele globally. We are excited to finally merge with our friends and old alliance partners at SGS to deliver complex repairs to ship operators around the world.”
Jay Coughlon, Co-Founder and Managing Partner of Lariat Partners, commented, “The combination of these two industry leading companies falls perfectly in line with our firm’s CORE investment strategy. We look forward to further building this platform and helping the newly expanded SGS continue to drive innovation in the underwater maintenance and repair industry.”
Subsea Global Solutions is the globally formed corporation with wholly owned assets and personnel in Miami, Tampa, Long Beach, Galveston, Curacao, Trinidad, Seattle and Brazil. With dedicated staff situated globally, Subsea Global Solutions has revolutionized the methods of repair and maintenance for ships and advanced procedures used in underwater marine construction. Our name serves to accentuate the shared values of the SUBSEA GLOBAL SOLUTIONS companies, and our commitment to be “The One Source for Global Underwater Solutions.” All offices are approved by the major classification societies.
Established in 1978, All-Sea Underwater Solutions is a world leader in underwater ship repair and maintenance. With locations in Vancouver, Halifax, and St. John, Canada as well as Busan, Korea and Port Angeles, Washington, All-Sea’s dive technicians are highly skilled, well trained and solution-focused with years of experience in all types of conditions. All-Sea has developed specialized, proprietary equipment and procedures to carry out underwater maintenance and technical repairs to the highest standard, anywhere in the world.
About Lariat Partners
Denver-based Lariat Partners is a private equity firm focused on redefining the private equity experience with entrepreneurs in the lower-middle market. With its People First, Strategy Second relationship philosophy and its CORE Investment Strategy targeting COnsolidations, COnsumables and REcurring REvenue businesses, Lariat offers a differentiated approach to partnering with entrepreneurs and growing their middle market businesses. The firm targets companies across a number of industries, including Specialty Agriculture, Environmental Services, Consumer Products and Maritime Services. For more information, visit www.lariatpartners.net.
Mac Hampden, 720-544-6230
Photo courtesy of All-Sea Underwater Solutions