All Coast, LLC announced today that it has entered into an agreement with Hercules Offshore, Inc. to acquire substantially all of HERO’s Domestic Liftboat assets, including 29 actively marketed Liftboats, 10 inactive Liftboats, and related assets, for a price of approximately $57.5 Million. Closing of the transaction is expected to occur in early July, 2013.
All Coast is a limited liability company, newly formed for this transaction, with John Powers and John Nesser III leading as Managers and Co-CEOs. Powers and Nesser have a combined 80 years experience in the marine services industry, having owned and managed several marine companies in the past. The operations of the newly acquired assets will continue to be led by Byron Allemand as Vice President and Chief Operating Officer and the operations center will remain in Lafayette, Louisiana.
Nesser noted that “John and I have been looking for the opportunity to re-enter the Liftboat industry as an owner and operator for several years and we look forward to the challenge of serving the offshore market with the highest standards of service and safety. We expect to grow All Coast and our fleet with new acquisitions and new builds.”
Joining Nesser and Powers in their effort to build the company is The Fleming Corporation, a private equity investment firm with substantial capital and a long term perspective on value creation. The new owners are committed to deploying the resources necessary to grow the fleet’s market leading position.
Financing for the transaction has been provided by Whitney Bank.
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