Jordan in $500m marine transport deal

Six months after closing a $3.6bn fund, the New York buyout firm has agreed to buy Harvey Gulf International Marine, which provides services to the oil industry in the Gulf of Mexico.

The Jordan Company has agreed to acquire marine transport company Harvey Gulf International Marine for approximately $500 million (€315 million), the firm announced today.

The acquisition will be done in partnership with two of the company’s current owners and executives, Shane and Shawn Guidry. Harvey Gulf has been owned by the Guidry family since 1955. It is headquartered in Harvey, Louisiana. The company specialises in energy-sector marine services, including towing drilling rigs and providing support for surveying, offshore and subsea construction and pipeline repair. The company operates primarily in the Gulf of Mexico.

Jordan will own 76 percent of the company and the remaining 24 percent will be owned by brothers Shane and Shawn Guidry, who will become chairman and chief executive, and executive vice president and chief operating officer, respectively.

The deal was led by Jordan partner Richard Caputo.

In February, Jordan closed its most recent buyout fund, The Resolute Fund II, on $3.6 billion (€2.27 billion), surpassing its previous fund, which drew $1.5 billion in capital commitments in 2002.