Lariat Partners, a Denver-based private equity firm, has sold Subsea Global Solutions, a provider of underwater ship maintenance, repair and marine construction solutions, to GenNx360 Capital Partners.
Headquartered in Miami, Florida, Subsea Global Solutions currently employs a team of over 115 diver technicians providing essential underwater maintenance, inspection, and repair services to vessel owners and operators.
Lariat made its original investment in Subsea Global Solutions in November 2013.
Jay Coughlon, co-founder and managing partner of Lariat, said, “We are very pleased to complete this successful transaction and we would like to thank Paul Peters, Subsea’s CEO. Under Paul’s leadership, Subsea became a truly global service provider and greatly enhanced its already leading technological advantage.”
Paul Peters, CEO of Subsea, said, “With Lariat’s active involvement, we greatly expanded our scope of services and operations by entering new geographic markets in North and South America, as well as Asia to become a better trusted resource to our global clients.”
Houlihan Lokey served as the exclusive financial advisor to Lariat and Subsea, and Brownstein, Hyatt, Farber and Schreck served as legal advisor.