Secondary Buyout • Marine

The Carlyle Group and Stellex Capital Management Acquire International Marine & Industrial Applicators

On November 11, 2021, private equity firms The Carlyle Group and Stellex Capital Management acquired marine company International Marine & Industrial Applicators from J.F. Lehman & Company

Acquisition Context
  • This is The Carlyle Group’s 6th and Stellex Capital Management’s 3rd transaction in the Marine sector.
  • This is The Carlyle Group’s 339th and Stellex Capital Management’s 16th transaction in the United States.
  • This is The Carlyle Group’s 3rd and Stellex Capital Management’s 3rd transaction in Alabama.

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M&A Deal Summary

Date November 11, 2021
Target International Marine & Industrial Applicators
Sector Marine
Buyer(s) The Carlyle Group
Stellex Capital Management
Sellers(s) J.F. Lehman & Company
Deal Type Secondary Buyout
Advisor(s) Harris Williams (Financial)

Target Company

International Marine & Industrial Applicators

Daphne, Alabama, United States
International Marine & Industrial Applicators is a provider of critical vessel preservation services to the U.S. Navy ("USN") and commercial maintenance, repair, and overhaul ("MRO") and new construction markets. International Marine & Industrial Applicators was founded in 1985 and is based in Daphne, Alabama.
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Buyers Overview 2

Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


Deal Context for Buyer #
Overall 711 of 750
Sector: Marine 6 of 6
Type: Secondary Buyout 116 of 130
State: Alabama 3 of 3
Country: United States 339 of 350
Year: 2021 22 of 28
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-11 Aneng Logistics

Shanghai, China

Aneng Logistics is a Less Than Truckload (LTL) operator with a franchise model. Aneng Logistics was founded in 2010 and is based in Shanghai, China.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-17 AutoForm

Pfäffikon, Switzerland

AutoForm is a supplier of software solutions for die-making and sheet metal forming industries used for rapid and reliable validation of the design, engineering and manufacturing processes. AutoForm was founded in 1995 and is based in Pfäffikon, Switzerland.

Buy -
Buyer
DESCRIPTION

Stellex Capital Management is a private equity firm focused on acquiring middle-market companies throughout North America and Europe. Stellex looks to invest $75 to $150 million in transactions valued up to $500 million. Sectors of interest include manufacturing, industrial, business services, aerospace, defense, government services, automotive, consumer products, distribution, and transportation. Prospective transaction situations include buyouts, turnarounds, recapitalizations, corporate divestitures, consolidations, and secondary purchases. Stellex Capital Management was formed in 2014 and is based in New York, New York.


Deal Context for Buyer #
Overall 19 of 39
Sector: Marine 3 of 3
Type: Secondary Buyout 5 of 10
State: Alabama 3 of 3
Country: United States 16 of 29
Year: 2021 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-17 Go To Logistics

River Grove, Illinois, United States

Go To Logistics is a transportation service provider focused on the freight consolidation and LTL market. Go To provides services ranging from expedited/guaranteed service to warehoused consolidation primarily from Chicago to the Northeast and West Coast, as well as the Southwest United States. Go To Logistics is based in River Grove, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-26 P3 Services

Auburn, Washington, United States

P3 Services is a provider of plumbing installation and maintenance and repair services to the multi-family, light commercial, and single-family end markets with operations in Austin, Charlotte, Dallas, Houston, San Antonio, and Seattle. P3 Services was founded in 1985 and is based in Auburn, Washington.

Buy -

Seller Profile 1

SELLER

J.F. Lehman & Company

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 4.5B USD
Size Large
Type Sector Focused
DESCRIPTION

JF Lehman is a specialist private equity firm that targets investments in the defense, aerospace and maritime industries. JF Lehman looks for lower middle-market company opportunities with established products but that not may not be realizing their full potential. The Firm will only consider control based investment situations. J.F. Lehman was formed in 1992 and has offices in New York, London, and Washington DC.


Deal Context for Seller #
Overall 25 of 30
Sector: Marine 5 of 6
Type: Secondary Buyout 6 of 6
State: Alabama 1 of 1
Country: United States 24 of 28
Year: 2021 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-17 BEI Precision

Maumelle, Arkansas, United States

BEI Precision engages in positioning sensor technologies, providing advanced design, manufacturing, and testing for reliable and resilient products and systems. BEI Precision's core product lines, which are used primarily in mission-critical defense and space applications, include optical encoder-based positioning systems, scanners for situational awareness requirements, and precision accelerometers. BEI Precision is based in Maumelle, Arkansas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-07 Narda-MITEQ

Hauppauge, New York, United States

Narda-MITEQ designs, engineers, and manufactures custom radiofrequency (“RF”) and microwave subsystems and components for defense and commercial end markets. Narda-MITEQ is based in Hauppauge, New York.

Buy -