NEW YORK – J.F. Lehman & Company (“JFLCO”), a leading middle-market private equity firm focused exclusively on the defense, government, aerospace, maritime, and environmental industries, announced today that investment affiliates have sold IMIA Group Holdings, LLC (“IMIA” or the “Company”) to investment affiliates of The Carlyle Group and Stellex Capital Management. Terms of the transaction were not disclosed.
IMIA provides comprehensive marine preservation, structural, scaffolding & environmental containment, and staffing services for the maintenance, repair, and overhaul (“MRO”) and construction of the U.S. Navy (“USN”) fleet. The Company was formed through the combination of JFLCO portfolio companies IMIA Holdings and American Scaffold Holdings. IMIA is headquartered in Spanish Fort, AL and provides its suite of services to all USN vessel types – submarines, aircraft carriers, surface combatants, and auxiliaries – in both private and public shipyards.
Since acquiring American Scaffold Holdings in 2016 and IMIA Holdings in 2018, JFLCO successfully worked with management to execute and integrate two strategic acquisitions (as well as the combination), enter new markets, and add complementary capabilities, resulting in substantial revenue and earnings growth.
Alex Harman, Chairman of IMIA’s Board of Directors and Partner at JFLCO said, “Through our successful partnership with management, IMIA has continued its track record of expanding its suite of bundled services to better serve its customer base. The Company’s national footprint and multi-discipline marine contractor model has driven growth with legacy customers as well as the acquisition of new customers and expansion into additional geographies. As a result, IMIA is uniquely suited to address the growing MRO and new construction requirements of its customers.”
“Today is a validation of the market leadership position, operational excellence, and culture that we have worked to build and maintain. We are immensely grateful for JFLCO’s support and look forward to continuing to deliver on future growth opportunities with our new partners at Carlyle and Stellex,” commented Mike Keenan, Chief Executive Officer of IMIA.
Harris Williams and Mensura Capital served as financial advisors to JFLCO and Blank Rome served as legal counsel.