DEFENCE giant BAE Systems has acquired shipping construction and maintenance company Atlantic Marine for $352m (£244m), bolstering the group’s ship repair business.
BAE will acquire the majority of the Florida based company from JFL-AMH Partners, a portfolio company currently owned by private equity firm JF Lehman.
Under the definitive agreement, JFL-AMH Partners will retain Atlantic Marine’s Boston and Philadelphia operations.
Linda Hudson, president and chief executive officer of BAE’s US business said: “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.”
As part of the deal, which is expected to close during the third quarter of this year and after it receives regulation approval, will be funded by BAE’s existing cash resources.
BAE will acquire operations in Florida, Mississippi and Alabama and Atlantic Marine’s 1,000 employees will join the group’s ship repair business.