Industry News

Private equity-backed MHI acquires Seaward and AME

MHI Holdings (MH) announced on 31 March 2017 that it has completed the acquisitions of Seaward Marine Services (Seaward) and Accurate Marine Environmental (AME). These are the first two acquisitions since affiliates of the private equity firm Stellex Capital Management (Stellex) acquired MHI Ship Repair in 2015. The acquisitions mark an expansion of the MHI business, broadening both the range and geographic scope of services offered by the company.

Seaward is a provider of underwater hull cleaning and ship husbandry services, including underwater painting, inspections, repairs and maintenance, testing and other specialised diving services, primarily to the US Navy, as well as other commercial and government customers. Seaward has delivered support to the US Navy for over 35 years out of its Norfolk, Virginia-based headquarters and offices in Florida, California, Hawaii and Japan.

AME performs bilge and tank cleaning, chemical cleaning, gas-free engineering, and the removal of hazardous and non-hazardous materials for the US Navy and commercial industries. AME, also headquartered in Norfolk, VA, performs work primarily across the east coast of the USA, including Virginia and Florida.

Tom Epley, chief executive officer of MHI, commented, “Both Seaward and AME are world-class businesses that we have worked with and respected for many years. These additions to the MHI platform will allow us to better serve the needs of our customers both domestically and abroad.” Epley further commented, “Seaward and AME add capabilities that will augment MHI’s existing business, allowing the opportunity to bid on a wider variety of projects. In addition, both acquisitions expand the geographic reach of the MHI organisation outside the port of Norfolk, a key development in the growth of our company.” - April 2017

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