BAE Systems yesterday said it has completed its acquisition of four shipyards of Atlantic Marine from the private equity firm J.F. Lehman & Co. for $352 million in cash.
The shipyards in Mayport and Jacksonville, Fla., Moss Point, Miss., and Mobile, Ala., will become BAE Systems Southeast Shipyards and provide vessel maintenance, repair, overhaul, conversion, marine fabrication and ship construction services.
“BAE Systems Southeast Shipyards will complement our existing ship repair, maintenance, and modernization capabilities to further serve the U.S. Navy and other maritime customers,” Bill Clifford, president of BAE Systems Ship Repair, said in a statement. The Southeast Shipyards employ about 1,000 people.
Britain’s BAE also owns ship repair facilities at other locations in the United States, including Hawaii, Virginia and California. The company said the deal is consistent with its strategy to address anticipated growth in readiness and sustainment in its home markets.
J.F. Lehman’s portfolio company JFL-AMH Partners, LLC, which oversaw the operations of the four Atlantic Marine shipyards, retains shipyard operations in Boston and Philadelphia and a parcel of real estate in Mobile.
J.F. Lehman acquired Atlantic Marine in 2006 (Defense Daily, Aug. 9, 2006). Terms of the deal then were not disclosed but J.F. Lehman said yesterday that the investment was successful.