Jordan LP acquires Harvey Gulf International Marine
22 Jul 2008
New York-based private equity firm Jordan Co has announced having entered in to a deal with two of the currrent owners of family-owned marine transportation firm Harvey Gulf International Marine Inc to acquire a 76-per cent stake for a $500-million deal.
The two owners with whom the mid-market Jordan, with over $5 billion of assets under management, has entered into this transaction, Shane and Shawn Guidry and the management will retain the remaining 24 per cent of their outstanding equity interests.
The Guidry brothers are the third generation of the Guidry family to own and run Harvey Gulf, founded in 1955. Shane Guidry will serve as chairman and chief executive of the company, while his brother Shawn will be chief operating officer, who will also step into the role of his uncle Dick Guidry at Guidry Brothers Towing, which will be merged into Harvey Gulf.
Harvey Gulf specialises in operating the most powerful towing vessels with superior rig towing safety equipment, drilling rigs and providing offshore supply and multipurpose dive support vessels for deepwater operations such as surveying, offshore and subsea construction, and pipeline inspection and repair in the US Gulf of Mexico.
Jordan managing partner Richard Caputo says Harvey Gulf is strategically well-positioned for future growth because of its strong position in the deepwater segment before others saw the need by building the largest and most technically advanced vessels available and supporting them with effective safety and environmental systems and teams.
