The Bottom Line: NewSpring Exits North Atlantic Ship Repair
February 12, 2021
NewSpring, a family of private equity strategies, today announced that NewSpring Mezzanine, the Firm’s dedicated mezzanine strategy, has exited its investment in North Atlantic Ship Repair, formerly Northeast Ship Repair.
North Atlantic Ship Repair is a leading provider of large ship maintenance and repair services
With locations in the Philadelphia and Boston areas, North Atlantic Ship Repair is a leading provider of large vessel maintenance, repair, and overhaul services to commercial and noncombat U.S. government-owned ships. Since 1995, the Company has provided personalized services for domestic, international, and government customers at its dry-docking facilities.
By owning two dry-docking sites on the east coast, the Company has continued to attract new customers
North Atlantic Ship Repair has refined its offering and expanded its suite of maintenance, repair, and overhaul services over the last several years by leveraging close relationships with industry-leading vendors and its own team of highly-skilled personnel. By owning and operating two of the largest dry-docking facilities on the east coast, the Company has been able to acquire new customers and build lasting relationships with some of the largest ship owners in the world.
NewSpring worked closely with management to help grow the business
“Since our Company’s founding, we’ve been committed to providing our U.S. government and commercial clients with maintenance, repair, and overhaul services they can count on and trust,” said Ed Snyder, CEO at the newly formed North Atlantic Ship Repair. “We’d like to thank NewSpring for their operational advice and close counsel over the past several years which has been instrumental to our Company’s growth.”
“With a strong dedication to quality craftsmanship, a growth-oriented management team, and a highly-skilled workforce, North Atlantic Ship Repair has grown into one of the east coast’s leading ship maintenance and repair services providers. We’re thankful to have had the opportunity to work closely with their management team and wish them all the best as this business continues to grow.”