Fox Williams recently advised Bridgehouse Marine Limited (“Bridgehouse”) in its sale to HC2 Holdings Inc (“HC2”).
HC2 acquired Bridgehouse pursuant to a sale agreement between Global Marine Holding LLC, a subsidiary of HC2, and the shareholders of Bridgehouse. The purchase price reflects an enterprise value of approximately £160 million, including the assumed indebtedness of Global Marine Systems Limited (“GMS”) a subsidiary of Bridgehouse.
GMS is a leading provider of engineering and underwater services, responding to the subsea cable installation, maintenance and burial requirements of its customers around the world. With a fleet of vessels and specialised subsea trenching and burial equipment, the company has a 160 year legacy in deep and shallow water cable operations. The company’s main operating offices are in the UK and Singapore.
HC2 operates as a holding company of operating subsidiaries primarily in the United States and the United Kingdom. HC2 owns 70% of Schuff, the largest steel fabrication company in the United States. HC2’s indirectly wholly owned subsidiary, PTGi International Carrier Services Inc, is one of the leading international wholesale service providers to fixed and mobile network operators worldwide.
Paul Taylor, Partner at Fox Williams, commented: “We’re delighted to have assisted the shareholders of Bridgehouse, and to have enabled them to achieve a great result on this deal. It was also a pleasure advising Bill Donaldson, the CFO of GMS, who we have worked alongside on previous exits.”
Corporate partner Paul Taylor led the Fox Williams’ team and was assisted by tax partner Emma Bailey, and corporate associates Elliot Cowan and Hannah Sensecall.