NEW YORK, April 16, 2021 /PRNewswire/ -- International Marine and Industrial Applicators, LLC ("IMIA"), a portfolio company of an investment affiliate of J.F. Lehman & Company ("JFLCO"), is pleased to announce the recent acquisition of Main Industries, Inc. ("Main Industries" or the "Company").
Headquartered in Hampton, VA, Main Industries provides preservation, scaffolding and environmental containment services to the marine vessel new construction and maintenance, repair, and overhaul ("MRO") markets. The Company has built an excellent reputation supporting the U.S. Navy's ("USN") aircraft carrier new construction and MRO requirements (including re-fueling overhauls) in the Mid-Atlantic region, with a particularly strong presence at Huntington Ingalls Industries' Newport News Shipbuilding. Main Industries is the first add-on acquisition completed by IMIA under JFLCO's sponsorship.
Headquartered in Spanish Fort, AL, IMIA is the market leader in the preservation, scaffolding and environmental containment services as well as related structural steel repair for USN submarines, aircraft carriers, surface combatants and auxiliaries as well as commercial vessels. IMIA addresses the USN's most complex MRO and new construction requirements with a workforce of over 1,100 employees deployed across all major USN and independent shipyards.
"Main Industries is a well-established preservation services provider with a sterling reputation in the marketplace and impressive customer portfolio and capability set," said Mike Keenan, CEO of IMIA. "We are excited to partner with the Main Industries team and look forward to leveraging our complementary service offerings and expertise to deliver unparalleled value to our customers."
Mike Challoner, President of Main Industries, commented, "Main Industries is thrilled to join a company with such a similarly strong reputation and heritage in the USN preservation market. The additional strength and capabilities that IMIA brings will facilitate the realization of our significant potential for growth and increase opportunities for our collective employee bases. We look forward to continuing to expand the high-quality services we provide to our customers and maintaining our steadfast dedication to ensuring the mission readiness of our nation's critical naval assets."
Blank Rome LLP and Jones Day provided legal counsel to IMIA. Mensura Capital, LLC and Mensura Securities, LLC served as the M&A financial advisors to Main Industries and Sheppard Mullin, Richter & Hampton LLP provided legal counsel.
About J.F. Lehman & Company, Inc.
Founded in 1992, J.F. Lehman & Company is a leading middle-market private equity firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors. The firm has offices in New York and Washington, D.C.