Subsea Global Solutions Announces New Equity Partners
Subsea Global Solutions is pleased to announce the successful closing of its partnership with GenNx360 Capital Partners (GenNx360), a New York-based private equity firm which invests in middle market business services and industrial companies, effective March 29, 2018. Subsea Global Solutions (SGS) is the leading provider of underwater vessel maintenance, inspection and repair services to shipowners, managers and operators within diversified marine transportation and construction sectors.
Subsea services include hull and propeller fleet management, underwater wet welding, seal replacement, tunnel & azimuth thruster repair, and environmental hull cleaning. The company provides both routine hull maintenance services to drive fuel efficiencies and highly technical repair solutions allowing vessel operators to reduce dry-docking costs, while keeping the vessel in service. The Company is headquartered in Miami, Florida, and operates out of 12 facilities worldwide. SGS was previously owned by Lariat Partners, a Denver-based private equity firm, and SGS Management.
"GenNx360 is pleased to make this investment in SGS," said Matt Guenther, the GenNx360 Managing Partner who led the transaction. “SGS is a world-class organization that is extremely well-positioned to capitalize on the increasing demand for innovative underwater maintenance and repair techniques and services. We look forward to working with SGS's strong, experienced management team to broaden its offerings through organic growth and strategic add-on acquisitions and expand its geographic reach, both in the U.S. and abroad."
Paul Peters, CEO and President of SGS, said, "This is an extremely exciting time for us at SGS. We chose GenNx360 as our partner as we believe they bring the experience and expertise needed as we embark on this next chapter of growth and investment for the company. This partnership will help SGS to solidify it’s position as the world’s number one source for global underwater solutions and enhance our customer-centric, innovative service portfolio even further.”
The products and services herein described in this press release are not endorsed by The Maritime Executive.