A major provider of subsea cable installation and maintenance services to the telecommunications, offshore renewables, utility and oil & gas markets worldwide has been acquired.
Private equity firm J.F. Lehman & Company (JFLCO) has completed the acquisition of Global Marine Group (GMG) from HC2 Holdings for an enterprise value of US$250m.
Ian Douglas, CEO at GMG, commented: “I’m excited about the opportunity that lies ahead, and the prospect to work with our new owner, JFLCO, who shares our vision for growth and brings the drive and stability that will enable us to achieve our long term goals, whilst maintaining the high levels of service that we’re recognised for today.”
Under prior owner HC2 Holdings, Inc., GMG successfully grew its core telecommunications business as well as 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.
In the last year GMG has had success with its Pre Lay Plough and the Hybrid SES projects. It has also expanded its fleet.
This year it will commence major projects including the installation for Vattenfall at the Danish Kriegers Flak wind farm.
In a separate transaction, GMG fully divested its stake in Huawei Marine Networks after 12 successful years, for a total enterprise value of US$285m.
By Rebecca Jeffrey