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Global Marine Group acquisition complete

By: Tom Russell 04/03/2020 Global Marine Group

General Vessels

An affiliate of J.F. Lehman & Company (JFLCO) has completed the acquisition of Global Marine Group (GMG); a provider of subsea cable installation and maintenance services to the telecommunications, offshore renewables, utility and oil & gas markets. JFLCO is a private equity firm focused exclusively on aerospace, defence, maritime, government and environmental sectors and acquired GMG for an enterprise value of $250 million.

In a separate transaction, GMG fully divested its stake in Huawei Marine Networks after 12 years, for a total enterprise value of $285 million.

Under prior owner HC2 Holdings, Inc., GMG completed two strategic acquisitions – CWind Limited and Fugro’s cable lay and trenching business – to expand and deepen GMG’s presence in the offshore renewables and power market. Major highlights over this period also include the extension and multi-year renewal of each of GMG’s fibre optic cable maintenance agreements as well as the completion of several projects including the installation of the South Atlantic link between Africa and the Americas, cables for one of the United Kingdom’s first floating offshore wind farms, and power and fibre optic cable installations for customers in the North Sea.

Ian Douglas, Chief Executive Officer at GMG, commented, “In the last year, GMG has demonstrated its commitment to driving innovation and working in collaboration with the broader industry to bring solutions to customers’ challenges demonstrated through its Pre Lay Plough and the Hybrid SES projects. We have also expanded our fleet, including the most recent addition, Normand Clipper, a flexible vessel with broad subsea installation capabilities. This year we look forward to commencing major projects including the installation for Vattenfall at the Danish Kriegers Flak wind farm, as well as a number of other significant projects to be announced.”

JFLCO Partner, Alex Harman, said, “GMG represents a fantastic opportunity for JFLCO. The team, led by Ian Douglas, has shown great ambition and appreciation of their customer base. We believe the Company’s strong market position, comprehensive suite of services and assets developed to meet market demands, and talented workforce aligns with JFLCO’s investment strategy. We are delighted to partner with Ian, GMG’s Chairman Dick Fagerstal and the entire team and look forward to our shared success in the years to come.”

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Global Marine Group acquisition complete

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