In a move to expand its marine capabilities, BAE Systems yesterday announced it has signed an agreement to buy Atlantic Marines Holding, a ship-repair expert with operations in Mississippi, Florida and Alabama, from a subsidiary of private-equity firm JFL-AMH Partners for $352 million.
BAE Systems said the acquisition would enhance its ability to support the U.S. Navy and broaden its customer base. The acquisition does not include Atlantic Marine’s Boston and Philadelphia operations, which will be retained by JFL-AMH Partners, LLC. The acquisition will be funded from BAE Systems’ existing cash resources.
BAE Systems President and CEO Linda Hudson said the company’s strategy for its ship-repair business is successfully growing marine sustainment activities in surface ship repair, as well as migrating its capabilities into naval modernization and upgrade.
“The acquisition of Atlantic Marine’s operations, highly skilled workforce, and marine fabrication capabilities will enhance BAE Systems’ ability to serve customers in the naval support and upgrade sector,” she said.