GenNx360 Capital Partners Announces Subsea Global Solutions Expands Its Worldwide Ports with Acquisitions of Underwater Contractors Pte. Ltd. and Gray Diving Services Pty. Ltd.
Portfolio Company News - January 01, 2020
New York, New York. January 1, 2020 - GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm, is pleased to announce that its portfolio company, Subsea Global Solutions (“SGS”), a leading global commercial diving company, has acquired Underwater Contractors Pte. (“UWC”) Ltd. In Singapore and Gray Diving Services Pty. (“GDS”) Ltd. in Australia. These transactions mark the second and third acquisitions for Subsea Global Solutions since GenNx360’s investment in the company in March 2018.
Founded 40 years ago in Singapore, Underwater Contractors Pte. Ltd. specializes in commercial diving and marine-related services primarily to the commercial shipping industry. Gray Diving Services Pty., originally formed in 1945, serves the marine and sub-marine construction industry based in Botany Bay, Sydney Australia.
With the two acquisitions, Subsea Global Solutions expands its global footprint in the Asia-Pacific region beyond Busan, South Korea and increases the number of its home ports worldwide to 13.
Commenting on the acquisitions, Paul Peters, CEO of Subsea Global Solutions said; “This is a significant milestone in the history of Subsea Global Solutions. 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.”
About Subsea Global Solutions
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
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. www.gennx360.com
For media inquiries, please contact:
GenNx360 Capital Partners
Carmen Rojas, Director of Investor Relations
Tel: +1 212-257-6772