BAE looking to buy Atlantic Marine
by Wally Northway
Published: May 19,2010
MOSS POINT — BAE Systems has entered into a definitive agreement to acquire Atlantic Marine Holding Company from JFL-AMH Partners, LLC, a portfolio company of the private equity firm J.F. Lehman & Company, for a cash consideration of $352 million.
Atlantic Marine is a privately held vessel maintenance, repair, overhaul and conversion, marine fabrication and ship construction services provider with operations at Moss Point, Mayport and Jacksonville, Fla., and Mobile, Ala.
Atlantic Marine employs approximately 1,000 people and will become part of BAE Systems’ Ship Repair business. The acquisition will complement BAE Systems’ existing ship repair and upgrade capabilities to further serve the U.S. Navy and other maritime customers.
The proposed acquisition is conditional, among other things, upon receiving certain U.S. regulatory approvals and is expected to close in the third quarter of 2010.
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