GenNx360 Capital Partners Announces Subsea Global Solutions’ Acquisition of Muldoon Marine Services
Portfolio Company News - November 05, 2018
New York, New York. November 5, 2018 –GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm, is pleased to announce that its portfolio company, Subsea Global Solutions (“SGS”), a leading global commercial diving company, has acquired Muldoon Marine Services (“Muldoon”), a diving firm based in Long Beach, California. Muldoon represents the first acquisition for Subsea Global Solutions since GenNx360’s investment in the company in March 2018.
"This is an exciting day for the SGS family as this acquisition will further solidify our position as the market leader in underwater ship maintenance, repair and marine construction solutions both locally in California and abroad, " said Paul Peters, Chief Executive Officer of SGS. "Muldoon has been operating in the Long Beach area and nearby ports for 30+ years with a solid track record and an exceptional customer service history. After many years of competing against one another, we are enthusiastic about the possibilities of joining forces to better serve all our clients.”
Richard Barta, Founder and Managing Director of Muldoon added, "Our merger into SGS comes at the right time as we were evaluating the options on how to position Muldoon for future growth. We are excited to finally merge with our local friends and become part of their successfully growing network.”
About SGS
Subsea Global Solutions is the globally formed corporation with wholly owned assets and personnel in USA (Miami, Tampa, Long Beach, Houston, Port Angeles), the Caribbean (Curacao, Trinidad), Canada (Vancouver, Halifax, Saint John), South Korea (Busan), Singapore, Australia (Sydney), and Brazil. With dedicated staff situated globally, Subsea Global Solutions has revolutionized the methods of repair and maintenance for ships and advanced procedures used in underwater marine construction. Our name serves to accentuate the shared values of the SUBSEA GLOBAL SOLUTIONS companies, and our commitment to be "The One Source for Global Underwater Solutions." All offices are approved by the major classification societies. www.subseaglobalsolutions.com
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business services and industrial companies. We invest in companies with proven and sustainable business models in expanding industries with the objective of implementing the required operating changes to deliver cost efficiencies, accelerate growth, and generate strong financial returns. Target industries include industrial machinery and components, logistics and supply chain solutions, industrial and environmental services, food and agricultural products and services, infrastructure equipment and services, specialty chemicals, packaging, and aerospace and defense. GenNx360 was founded in 2006 and is headquartered in New York City. www.gennx360.com
For media inquiries, please contact:
GenNx360 Capital Partners
Carmen Rojas, Director of Investor Relations
Email: investorrelations@gennx360.com
Tel: +1 212-257-6772