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GenNx360 Capital Partners Announces Subsea Global Solutions’ Acquisition of Underwater Contractors Pte. Ltd. and Gray Diving Services Pty. Ltd.

November 11, 2019 GMT
(PRNewsfoto/GenNx360 Capital Partners)
(PRNewsfoto/GenNx360 Capital Partners)

NEW YORK, Nov. 11, 2019 /PRNewswire/ -- GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm, is pleased to announce that its portfolio company, Subsea Global Solutions (“SGS”), a provider of underwater vessel maintenance, inspection and repair services to vessel owners and operators within diversified marine transportation and construction sectors, has acquired Underwater Contractors Pte. Ltd. (UWC), a prominent commercial diving firm based in Singapore, and Gray Diving Services Pty. Ltd. (GDS), a commercial diving firm based in Sydney, Australia, through separate transactions. With these two tandem acquisitions, SGS expands its global footprint in the Asia-Pacific region beyond Busan, South Korea, where it had a local office for the last 7 years and increases the number of its home ports worldwide to 13.

“This is a significant milestone in the history of SGS. We are absolutely delighted to expand our global footprint to Singapore, a strategic commercial shipping hub where most of our clients visit regularly, as well as to Sydney, a critical port for our cruise business. With well-known brands like UWC and GDS joining our organization, we will solidify our leadership in our market segment and will be able to truly support our clients from these key locations with our own personnel, boats, gear, and equipment. We look forward to joining our forces,” said Paul Peters, CEO of SGS.

“The acquisition of UWC and GDS is another example of GenNx360′s bolt-on strategy at work and are exciting additions to SGS following its addition of Muldoon Marine Services, Inc. last November,” said Matt Guenther, GenNx360 Managing Partner. “This is an extraordinary opportunity to bring together three major players in the industry with complimentary business models. The companies share a commitment to the highest possible quality standards and will each benefit from working together. We will continue looking for new opportunities to expand SGS’s geographic reach, both organically and through additional acquisitions,” he added.

About SGS

Subsea Global Solutions, a portfolio company of GenNx360 Capital Partners, is the globally-formed corporation with wholly-owned assets and personnel in USA (Miami, Tampa, Long Beach, Houston, Port Angeles), the Caribbean (Curacao, Trinidad), Canada (Vancouver, Halifax, Saint John), South Korea (Busan), and Brazil. With dedicated staff situated globally, Subsea Global Solutions has revolutionized the methods of repair and maintenance for ships and advanced procedures used in underwater marine construction. Our name serves to accentuate the shared values of the SUBSEA GLOBAL SOLUTIONS companies, and our commitment to be “The One Source for Global Underwater Solutions.” All offices are approved by the major classification societies. www.subseaglobalsolutions.com.

Contact:
Harun Duzgoren
Executive Director, Business Development & Strategy
Subsea Global Solutions
+1 305 571 9700
harun.duzgoren@sgsdiving.com

About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business services and industrial companies. We invest in companies with proven and sustainable business models in expanding industries with the objective of implementing the required operating changes to deliver cost efficiencies, accelerate growth, and generate strong financial returns. 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. GenNx360 was founded in 2006 and is headquartered in New York City. For more information on GenNx360 Capital Partners, please visit http://www.gennx360.com.

Contact:
Carmen Rojas, Director of Investor Relations
GenNx360 Capital Partners
+1 212 257 6772
crojas@gennx360.com

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SOURCE GenNx360 Capital Partners