The private equity firms Carlyle [CG] and Stellex Capital Management last Friday said they have reached a deal to sell their ship repair and marine fabrication business to another private equity firm, Lone Start Funds.

Terms of the deal for Titan Acquisition Holdings were not disclosed. The transaction is expected to be completed this year following regulatory reviews.

Titan Acquisition Holdings includes infrastructure, defense and maritime services company Vigor Industrial, which is based in Portland, Ore., the ship repair and maintenance company MHI Holdings, which is based in Norfolk, Va., and Continental Maritime of San Diego (CMSD), which does a variety of Naval ship repair work.

HII [HII] is a minority owner of Titan through its sale of Continental Maritime to the holding company in 2020.

Titan’s customers include the Navy and Coast Guard, Military Sealift Command, Boeing [BA], commercial maritime and fishing entities, and other government agencies.

Jim Marcotuli, Titan’s CEO, will remain with the company.

“We are grateful to Carlyle and Stellex for enabling the strategic investments made over the past several years, which include the acquisition of CMSD, the repurchase of critical assets, and investments in technologies and equipment aimed at improving our service offerings,” Marcotuli said in a statement. “Under new ownership, we will focus on sustaining improvements made, identifying additional areas of improvement, and opportunities for future growth.”

Bank of America and Evercore are serving as financial advisers to Titan, Carlyle and Stellex on the deal. Lone Star is being advised by Lazard.