JF Lehman to acquire GMG

The deal values the company at $250m, according to press reports. Debt was provided by Deutsche Bank.

The US-based firm is currently investing from JFL Equity Investors IV, which closed on $833m in 2017. The fund focuses on aerospace, maritime and defence companies.

The deal is expected to close in the first quarter of 2020. GMG's current management team will stay on with the company.

Company
Founded in 1983 and headquartered in Chelmsford, GMG is a provider of subsea cable maintenance and installation services to the telecommunications, offshore wind and utility markets worldwide.

The company reported adjusted EBITDA of $26m from revenue of $195m for 2018.

People
JF Lehman & Company – Alex Harman (partner); Will Hanenberg (principal).
Global Marine Group – Dick Fagerstal (chairman); Ian Douglas (CEO).

Advisers
Equity – Winchester Capital (corporate finance); Jones Day (legal); Blank Rome (legal).
Company – Deutsche Bank (corporate finance); ABN Amro (corporate finance); Hogan Lovells (legal).

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