BAE Systems buys Atlantic Marine for $352m

18th May 2010 15:32

BAE Systems has agreed to buy Atlantic Marine from JFL-AMH Partners, a portfolio company of the private equity firm J.F. Lehman & Company, for $352m in cash. The acquisition will be funded from BAE Systems' existing cash resources.Atlantic Marine, a US vessel maintenance, repair, overhaul, and conversion (MROC), marine fabrication, and ship construction services provider, generated EBITA of $38m on sales of $308m in the year ended 31 December 2009.The deal does not include Atlantic Marine's Boston and Philadelphia operations, which will be retained by JFL-AMH Partners.Chief executive Ian King said: "BAE Systems' strategy for our ship repair business is successfully growing marine sustainment activities in surface ship repair, as well as migrating our capabilities into naval modernisation and upgrade." "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."