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The Company repairs ships ~ ocean-going, government, military, and commercially-owned working ships and tankers.
The ongoing maintenance of these vessels is a complex undertaking, but this multifaceted business has managed routine procedures and provided custom engineering and fabrication solutions expertly for 38 years. Specialized services include vibration analysis and thermography, which analyze/determine/predict machinery reliability and problems.
The work includes bringing in and employing high skill-level tradesmen and women who conduct fabrication/welding/mechanical/electrical/electronic/ and rigging. These specialized services are performed in conjunction with and under the direction of elite-level supervisors; professionals in maintenance and repair methodologies, contractual requirements, and shipyard management.
The business also offers a lucrative generator division in which it services more than 300 maintenance contracts for commercial and residential clients.
NDA is required to secure comprehensive Confidential Information Memorandum (CIM) crafted by broker.
Facilities: The Company rents two locations; a 4,500 sq. ft., administrative space they’ve occupied for the past 35 years, and a 10,000 sq. ft., offsite workshop. Administrative space rent of $4,345.00 per month is paid through April 30, 2024. Shop rent is $6,431.25 and the lease expires September 30, 2022. It is possible a Buyer can renew.
Competition: There are few companies who do the same type of work; none to the same level of quality. Over the years, the Sellers have seen competitors come and go. However, there has always been enough work for all to stay busy and profitable. At this time, the Company cannot schedule all potential jobs and has turned down some work.
Growth & Expansion: This is a going concern and finding skilled tradesmen and building the workforce (a nationwide issue in all industries) would help ensure stable growth. Hiring salespeople in the Generator and Ship Repair division, and developing more “sole source” products for the Government is a good place to start. Long-range, look to develop contacts/market capabilities to Offshore Wind Projects.
Financing: Limited seller financing will be considered for highly qualified Buyers with significant funding in place if structure and terms are acceptable.
Support & Training: To ensure a smooth transition and ongoing success the Sellers will work with a buyer, initially for four weeks, then for up to six months to a year as part-time employees, on-call consultants, or as individually negotiated.
Reason for Selling: Both Sellers are looking to transition into full or part-time retirement.
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Disclaimer: DealStream has not independently verified any of the information in this listing and makes no warranty as to its accuracy or completeness. This listing does not constitute an offer to sell, solicit or make an offer to buy an investment interest. Offers to sell, or the solicitation of offers to buy, any security can only be made through official offering documents, such as a subscription agreement and private placement memorandum.