New York, NY – February 19, 2020 –GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm, is pleased to announce that its portfolio company, Subsea Global Solutions (SGS), a leading global commercial diving company, has acquired the commercial diving division of T&T Salvage Asia, Pte. Ltd. (TTSA). The acquisition will serve to enhance SGS’ capabilities in Singapore and strengthen its leading position in the Asia-Pacific region.
Commenting on the acquisition, Paul Peters, CEO of SGS said, “This is a strategic addition to our recent acquisition of Underwater Contractors Pte. Ltd. Singapore (UWC). Creating a single platform under the SGS umbrella with the most advanced technologies, special repair equipment, and more than 40 skilled diver/technicians will give us the optimum operational efficiency as well as the bench depth to deliver unparalleled value to our customers in this highly competitive market.”
Capt. Satnam Singh Kumar, Managing Director-Asia Pacific for SGS said, “I am excited to take on the challenge of integrating both UWC and the commercial diving division of TTSA under the SGS brand and building the most capable commercial diving company in Singapore. TTSA has a great reputation and will complement UWC’s capabilities nicely, as we aim to transform the commercial diving industry globally, focusing to raise the bar on the safety and quality overall in all segments we operate in.”
Matt Guenther, the GenNx360 Managing Partner who led the transaction said, “This transaction represents SGS’ fourth add-on acquisition. Since GenNx360’s investment in March 2018, SGS has pursued an aggressive expansion strategy both establishing new territories and improving density and operational efficiency in existing territories. In November 2018, SGS acquired Muldoon Marine Services, a prominent local commercial diving firm based in Long Beach, California. Subsequently, SGS acquired Underwater Contractors Pte. Ltd. (UWC), a prominent commercial diving firm based in Singapore, and Gray Diving Services Pty. Ltd. (GDS), a commercial diving firm based in Sydney, Australia, both transactions closed in November 2019 through separate transactions. All four of these acquisitions significantly improve the ability of each company to serve their markets and customers, while at the same time enhancing the operating leverage of each enterprise.”