Long Beach, Calif.-based Oceanwide Repair, which provides marine ship repair services for a variety of vessels from tugboats and barges to very large oil tankers, bulk carriers, passenger ships and container ships, has undergone a majority recapitalization.
A majority recapitalization is when a business owner sells a majority interest in the company to an investor to raise cash while maintaining a significant minority ownership stake and continuing to manage the business.
Oceanwide Repair’s majority recapitalization is with Fletch Equity, a Los Angeles-based private equity firm.
“The Fletch team will be partnering with the founders of Oceanwide to grow the company’s capabilities, scale and geographic footprint,” the companies said in a statement.
The acquisition closed Jan.18.
Oceanwide Repair serves diversified markets including commercial vessels, U.S. Maritime Administration (MARAD), Military Sealift Command (MSC), and related entities. The company says that revenue is derived from structural steel repairs, piping repair and fabrication, mechanical and rigging, underwater hull repair, and other services.
It offers an emergency ship repair service that promises repairs made within 24 hours.
Oceanwide is among the largest ship repair force in the Long Beach/Los Angeles port area, and also has repair facilities also in Oakland/San Francisco. It also recently opened a location in the Seattle/Tacoma area.
Fletch Equity invests in and partners with family and entrepreneur-owned businesses in the U.S. and Canada.
“Fletch Equity looks forward to working with the sellers to expand (Oceanwide Repair) over the next several years,” Generational Equity Managing Director Mike Meredith, who closed the deal, said.