GenNx360 Capital Partners Announces Subsea Global Solutions’ Acquisition of SRN Group Diving & ROV Underwater Services
Portfolio Company News - September 14, 2021
New York, New York. September 14, 2021 – GenNx360 Capital Partners (“GenNx360”) is pleased to announce that its portfolio company, Subsea Global Solutions (“SGS”), a leading global commercial diving company, has acquired SRN Group Diving & ROV Underwater Services (“SRN”). This is the fifth acquisition for Subsea Global since GenNx360 acquired the platform in March 2018.
SRN is a leading underwater services and Remotely Operated Vehicle (ROV) hull cleaning firm based in Belgium. With this acquisition, Subsea Global expands its global footprint to Europe and increases the number of its home ports to 14 worldwide.
“This is a much awaited, critical milestone for Subsea Global Solutions,” said Paul Peters, CEO of SGS. “We are absolutely delighted to expand our global footprint to North Europe, a strategic commercial and cruise shipping hub where most of our ship owner clients visit regularly. In addition to adding a key location to our network, we are excited to add a new ROV technology to our existing suite of environmentally friendly propeller and hull maintenance services. This acquisition will allow Subsea Global Solutions to immediately deliver the much sought after environmentally friendly, ROV based hull cleaning services in the highly regulated ports like Rotterdam, Amsterdam as well as Portland, UK. We welcome our new colleagues onboard and look forward to working together.”
Subsea Global Solutions 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), Singapore, Australia (Sydney), 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
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. www.gennx360.com
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GenNx360 Capital Partners
Carmen Rojas, Director of Investor Relations
Tel: +1 212-257-6772