Houlihan Lokey Advises Subsea Global Solutions

Houlihan Lokey is pleased to announce the sale of Subsea Global Solutions LLC (Subsea), a portfolio company of Lariat Partners (Lariat), to GenNx360 Capital Partners (GenNx360). The transaction closed on March 29, 2018.

Subsea is a leading provider of underwater vessel maintenance, inspection, and repair services to vessel owners and operators within diversified marine transportation and construction sectors. The company's services include hull and propeller fleet management, underwater wet welding, seal replacement, tunnel thruster repair, azimuth thruster repair, and environmental hull cleaning. Subsea's team of 115 highly skilled diver technicians operates out of 12 facilities worldwide, providing consistent, reliable, and safe diving services with deployment times of under 24 hours to any place in the world. Subsea was founded in 1945 and is headquartered in Miami, Florida.

Lariat, based in Denver, Colorado, is a private equity firm focused on partnering with business owners and entrepreneurs in the lower middle market. With its CORE Investment Strategy targeting consolidations, consumables, and recurring revenue businesses, the company offers a differentiated approach to partnering with business owners and entrepreneurs and growing their middle-market businesses. Using CORE, Lariat has invested in companies across many industries, including food and agribusiness, energy and environmental services, consumer products and services, specialty distribution, and industrial services.

GenNx360, based in New York, New York, is a private equity firm focused on acquiring middle-market business services and industrial companies. Target industries include industrial machinery and components, logistics and supply chain solutions, industrial and environmental services, food and agricultural products and services, infrastructure equipment and services, specialty chemicals, packaging, and aerospace and defense.

Houlihan Lokey served as the exclusive financial advisor and assisted in marketing, structuring, and negotiating the transaction on behalf of Subsea and Lariat. This transaction exemplifies the continued success of our dedicated Transportation & Logistics practice and represents another transaction in a long track record of advising and delivering outstanding results for shareholders of transportation and maritime services platforms.