Daily News

View All News

Private equity acquires Virginia marine staffing business

November 26, 2014

Private equity firm Succession Capital Partners acquired the Virginia division of Capital Consultants Inc., a Louisiana-based specialty marine staffing firm serving the ship repair and ship construction industry.

The transaction closed Nov. 1; terms were not disclosed.

Succession Capital invests in companies under $25 million in total enterprise value and real estate assets. Succession Capital partnered with ARC Industries Inc., a privately held investment firm based in Charlotte, N.C., to purchase the CCI division.

The division will rebrand as Shipyard Staffing.

Capital Consultants executives will remain with the company, and CEO Russell Landry will serve as a consultant and board member. Shipyard Staffing will also add Ken Newman and Rod Douglas, both former executives with Metro Machine/NASSCO, to its advisory board.

Plans call for Shipyard Staffing to expand nationwide, and it already opened an additional new office in Newport News, Va.

“We intend to build on the reputation [Capital Consultants] has established, during the last 14 years, as a leading national and international source for skilled tradesman,” said Matt Malone, managing partner of Succession Capital. “We look forward to maintaining and expanding [Capital Consultants] client base, which ranges from small businesses to Fortune 50 companies, by providing the company additional resources, expanding into new port cities and offering the finest shipyard staff augmentation services in the marketplace.”

Capital Consultants provides skilled tradesman, experienced professionals, college-level management and upper management. Clients include General Dynamics NASSCO, BAE, Huntington Ingalls Industries, NSC, QED Systems, among others.