Vigor, MHI to Merge After Acquisition by Carlyle, Stellex
NEW YORK; NORFOLK, VA; PORTLAND, OR; WASHINGTON, DC—Global investment firm The Carlyle Group and private equity firm Stellex Capital Management announced a definitive agreement to acquire and merge Vigor Industrial, an infrastructure, defense, and maritime services company based in Portland, Oregon, and MHI Holdings, a ship repair, maintenance, and other ship husbandry services company based in Norfolk, Virginia.
The combined company will create a bicoastal leader in critical ship repair services and commercial and defense-related fabrication services. Key customers include the US Navy, US Coast Guard, Military Sealift Command, Boeing, cruise lines, fishing fleets, barges, and ferry services for local and state governments, and other key commercial and defense customers.
The transaction is subject to customary closing conditions and is expected to close by the end of the third quarter 2019. Financial terms were not disclosed.
Frank Foti, President and CEO of Vigor, said, “Through this transaction, Vigor gains responsible, forward-thinking investors who will seek to build on our current platform while maintaining a values-driven culture. In addition, we are excited to join forces with a company of MHI’s caliber which has a history of delivering strong results and shares our mission to serve the people who protect our country every day. This evolution takes us where we want to go, growing sustainable jobs into the future. I’m excited to be an investor in this adventure and to be a part of what’s to come.”
Tom Epley, President and CEO of MHI, said, “MHI is stronger than it has ever been, and we’ve successfully executed our strategy of delivering cost effective maintenance and repair solutions to the US Navy, a job we take very seriously. We are excited to continue our partnership with Stellex and look forward to working with The Carlyle Group and our new colleagues at Vigor. The MHI leadership team and our 800 employees across MHI Ship Repair, Seaward Marine, and Accurate Marine remain committed to our mission.”
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The Marx Bros. Café
Jack Amon and Richard “Van” Hale opened the doors of the Marx Bros. Café on October 18, 1979; however, the two had already been partners in cuisine for some time, having created the Wednesday Night Gourmet Wine Tasting Society and Volleyball Team Which Now Meets on Sunday, a weekly evening of food and wine. It was actually the end of the weekly event that spurred the name of the restaurant: hours after its final service, Amon and Hale were hauling equipment and furnishings out of their old location and to their now-iconic building on Third Street, all while managing arguments about equipment ownership, a visit from the police, and quite a bit of wine. “If you’ve ever seen the movie ‘A Night at the Opera” starring the Marx Brothers, that’s what it was like,” Hale explains.