LONDON, September 25, 2014 /PRNewswire/ --
Park Partners Ltd, the independent corporate finance firm, has advised on the sale of Bridgehouse Marine Limited, the parent holding company of Global Marine Services Ltd ("Global Marine"), the world's most experienced undersea cable installation and maintenance services provider, to HC2 Holdings, Inc. ("HC2" (OTCQB: HCHC)) for a consideration of $260m.
Global Marine has been an industry leader since the installation of the first subsea cables in 1850s and over the last 30 years has installed c. 300,000 km of cable representing almost a quarter of all the fibre optic cable on the seabed today.
"In HC2, we have found the right long-term partner for Global Marine with the vision necessary to enable it to realise its substantial growth potential in the coming years," said Jon Howells, Managing Director at Park Partners. "We have added another landmark transaction to our successful track record in the Maritime and Oil & Gas services sector."
Park Partners advised Bridgehouse Marine Limited and its shareholders.
Park Partners Ltd
Park Partners is an independent corporate finance firm providing the highest quality advice on M&A, capital raising, and restructuring. Based in London, it focuses on domestic and cross border transactions in the UK, Germany, Benelux, and Scandinavia and has particular experience in the shipping and maritime services, transportation and logistics, oil & gas, and support services sectors. For more information, visit http://www.parkpartnersltd.com.
Global Marine Systems
Headquartered in Chelmsford, UK, Global Marine is a leading provider of engineering and underwater services, responding to the subsea cable installation, maintenance and burial requirements of their customers around the world. With a fleet of vessels and specialised subsea trenching and burial equipment, they bring a 160 year legacy in deep and shallow water cable operations. Global Marine serves clients including BT (BT.A), at&t (NYSE:T), Statoil (OSLO:STL), BP (BP.), and Prysmian (0NUX) directly and through its joint ventures with Huawei (SHENZHEN:002502) and China Telecom (HK:00728).
HC2 Holdings Inc.
HC2 operates as a holding company of operating subsidiaries primarily in the United States and the United Kingdom. Founded in 1994, HC2 is headquartered in Herndon, Virginia. For more information, visit: http://www.HC2.com.
SOURCE Park Partners Ltd