Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised IMIA Group Holdings (IMIA), a portfolio company of J.F. Lehman & Company (JFLCO), on its sale to The Carlyle Group (NASDAQ: CG; Carlyle) and Stellex Capital Management (Stellex). IMIA is a leading provider of multi-disciplined marine services for the maintenance, repair and overhaul (MRO) and new construction of United States Navy (USN) vessels. The transaction was led by Doug Kinard and Elliot Cave of the Harris Williams Aerospace, Defense & Government Services (ADG) Group and Drew Spitzer, Matt White and Greg Waller of the firm’s Energy, Power & Infrastructure (EPI) Group.
“Under JFLCO’s ownership, IMIA successfully entered new markets, added complimentary capabilities, and completed highly accretive add-on acquisitions to become the go-to provider of outsourced services for naval MRO and new ship construction,” said Doug Kinard, a managing director at Harris Williams. “With Carlyle and Stellex, IMIA has two great partners for its next phase of growth, and we look forward to watching the continued success of the business in the years to come.”
“IMIA has established itself as a leader in outsourced maritime services, serving every ship and submarine type in the fleet across every geography in the continental U.S. and Hawaii. Long-term trends in outsourced maritime services, accelerated by continued U.S. investment in the expanding fleet, will translate into significant growth opportunities for the business over the next decade,” added Greg Waller, a director at Harris Williams.
“Leveraging the experience and expertise of the Harris Williams ADG Group and EPI Group was a critical component of this transaction,” said Drew Spitzer, a managing director at Harris Williams. “IMIA represents a great outcome for our Harris Williams team in two of our practice areas, and we are very appreciative of the opportunity to work alongside the teams at JFLCO and IMIA.”
Headquartered in Spanish Fort, Alabama, IMIA is the nation’s primary independent provider of comprehensive marine preservation, structural, scaffolding and environmental containment, and staffing services for the MRO and new construction of USN submarines, aircraft carriers, surface combatants and auxiliaries. IMIA addresses the USN's most complex MRO and new construction requirements with a workforce of over 1,500 employees deployed across USN and independent shipyards.
Founded in 1992, JFLCO is a leading middle market private equity firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors. The firm has offices in New York and Washington, D.C.
Carlyle is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Investment Solutions. With $276 billion of assets under management as of June 30, 2021, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which it lives and invests. Carlyle employs nearly 1,800 people in 27 offices across five continents.
With offices in New York, Detroit and London, Stellex is a private equity firm with over $2.6 billion in AUM. Stellex seeks to identify and deploy capital in opportunities that have the potential to provide stability, improvement and growth. Portfolio companies benefit from Stellex’s industry knowledge, operating capabilities, network of senior executives, strategic insight and access to capital. Sectors of particular focus include specialty manufacturing, industrial and business services, aerospace and defense, automotive, and government services.
Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams ADG Group offers strategic advice to a global base of leading aerospace, defense and government services clients. For more information on the ADG Group and other recent transactions, visit the ADG Group’s section of the Harris Williams website.
The Harris Williams EPI Group has significant experience advising market leading providers of technology, services and products across a broad range of sectors. These sectors include energy management; infrastructure services; utility services; testing, inspection, and certification services; environmental services; engineering and construction; power products and technology; and energy technology. For more information on the Group’s experience, please visit the EPI Group’s section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.
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