NEW YORK & NORFOLK, Va.--(BUSINESS WIRE)--Marine Hydraulics International, LLC (“MHI”) announced today the completion of its acquisition by an affiliate of Stellex Capital Management (“Stellex”). Based in Norfolk, VA, MHI is a leading provider of major marine repair and conversion services to the U.S. Navy and commercial ship owners and operators worldwide.
“After careful consideration of strategic alternatives, our board unanimously concluded that a sale of MHI to Stellex was in the best interests of our employee shareholders,” said Tom Epley, CEO of MHI. “We remain dedicated to the success of our customers, partners, and employees and are excited to partner with Stellex during the next phase of our business.” Mr. Epley will continue as CEO of MHI.
In addition to gaining business and operational benefits by teaming with Stellex, the transaction will create meaningful value for MHI’s ESOP participants at a significant premium to the last annual valuation.
Ray Whiteman, Co-Founder and Managing Partner of Stellex, commented, “MHI is an outstanding company and a clear leader in the repair of Navy ships in the Norfolk market. We are excited to partner with Tom and his team to support MHI’s strategic vision and growth strategy.”
David Waxman, Principal at Stellex, added, “MHI is a world-class company whose success is driven by its highly talented workforce, entrepreneurial culture and best in class management team. We are excited by the prospects for its core government business and are dedicated to helping Tom and his team grow and develop the company.”
About Marine Hydraulics International
Headquartered in Norfolk, VA with nearly 500 employees, MHI Ship Repair is a major marine repair and conversion contractor serving Commercial ship owners, the U.S. Navy, Military Sealift Command and Maritime Administration and operators worldwide. MHI’s shipyard and full service pier is located in Norfolk, Virginia. The Company has earned their well-regarded reputation by providing accurate job pricing, reliability, quality and economical ship repair services to its clients for over 33 years. MHI is fully qualified to provide engineering services as well as hull and machinery repairs. MHI’s Quality Assurance and safety standards are recognized by all State, Federal and Class societies. For more information, please visit: http://www.mhi-shiprepair.com/.
About Stellex Capital Management
Stellex Capital Management is a private equity manager that invests in and oversees US and European corporate assets. Stellex’s focus is on middle-market companies going through business or industry transitions, as well as special situation opportunities. Stellex seeks to identify and deploy capital in opportunities that have the potential to provide stability, improvement and growth for its portfolio companies. For more information, please visit: http://www.stellexcapital.com.