Article/Intelligence
JF Lehman-Backed Trident Maritime in Later-Stage Sale Process for Lake Shore Systems
J.F. Lehman-backed Trident Maritime is working with Evercore and Lazard to divest its Lake Shore Systems division, according to sources.
Lake Shore manufactures and maintains heavy equipment for the maritime and mining industries, generating about $50 million in EBITDA, according to two sources. The sale process is in the later stages, one of the sources said.
Lake Shore has garnered sponsor and strategic interest, one source added. Sponsors that have invested in marine equipment companies include Stellex Capital Management and Carlyle, via their combination of Vigor Industrial and MHI Holdings, and H.I.G. Group, which previously sold SeaStar Group to American Securities.
Lake Shore was purchased by J.F. Lehman in 2016, and it announced its combination with the sponsor’s longtime portfolio company Trident Maritime in 2022, according to a third-party news report. J.F. Lehman acquired Arlington, Va.-based Trident in 2011, and over the next couple of years, Trident completed a dozen acquisitions, its website says.
Trident has remained acquisitive in recent years. In 2023, Trident bought the assets of Custom Alloy Corp., after its acquisition of Newsystem Srl in 2018. Trident has also made a number of divestments, including Hoffman Engineering, which it sold to Branford Castle Partners last year. In 2022, the sponsor also announced the sale of its cannon mining division to J.H. Fletcher & Co., a strategic buyer in the underground mining equipment space.
Trident has a SOFR+550bps first lien term loan with a SOFR+200bps PIK component, according to Octus’ BDC Database. Barings was listed as one of its debtholders as of August.
Trident Maritime, J.F. Lehman, Evercore and Lazard did not respond to requests for comment.
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