With $381 billion of assets under management as of March 31, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Latham & Watkins LLP served as legal counsel to Titan, Carlyle, and Stellex, and BofA Securities and Evercore served as financial advisors to Titan.Ĭarlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. We congratulate and thank the Titan management team and wish the Company all the best in its continued endeavors.”
With the leadership of Jim Marcotuli and the dedicated team at Titan, the Company was able to capitalize on strategic acquisitions, impressive execution and changing market dynamics to strengthen its market position while maintaining its values-driven culture. Titan is well-positioned to maintain its positive trajectory, and we wish the team continued success in its next phase of growth.”ĭavid Waxman, Managing Director of Stellex, said: “When we first acquired MHI in 2015, we recognized the potential to build a leader in critical ship repair services, and commercial and defense-related fabrication. Government customers.ĭerek Whang, Managing Director of Carlyle, said: “We are proud of the many accomplishments of the Titan team over the course of our partnership as we transformed the business into a national leader in ship repair. Army, Boeing, cruise lines, fishing fleets, barges, ferry services for local and state governments, and other key commercial and U.S. Coast Guard, Military Sealift Command, U.S. Titan is comprised of Vigor Industrial LLC, an infrastructure, defense, and maritime services company based in Portland, Oregon MHI Holdings LLC, a ship repair, maintenance, and other ship husbandry services company based in Norfolk, Virginia and Continental Maritime of San Diego (CMSD). The initial definitive agreement of the sale was announced in February 2023. LoanStar says its “strong relationships” with contractors and merchants will help Seattle Bank find ways to reach customers wanting immediate financing options when making purchases.New York, NY, Portland, OR – Funds managed by global investment firm Carlyle (NASDAQ: CG) and private equity firm Stellex Capital Management today announced they have completed the sale of Titan Acquisition Holdings, a bi-coastal leader in ship repair services and marine and heavy complex fabrication, to an affiliate of Lone Star Funds. “LoanStar allows its customers to accelerate the speed and convenience of point-of-sale financing while simultaneously allowing Seattle Bank to expand its reach to customers nationally.” Seattle Bank chief banking officer and head of partnerships Josh Williams says the partnership with LoanStar is a “win-win” for both parties. The partnership is possible thanks to Seattle Bank’s scalable and open-API tech stack, which incorporates real-time underwriting and loan fulfilment through an integration with Finastra.
LoanStar says its MerchantLinq platform is an alternative to high-interest, white-label credit cards, which enables it to originate loans “quickly and easily”, ideal for POS. Seattle Bank’s initial partnership serves a merchant in the home improvement sector. LoanStar’s technology connects lenders to borrowers through their merchant network, which spans several industries. Seattle Bank customers can now access loans for high-value transactions directly through merchants. Seattle Bank partners LoanStar for embedded consumer lending solution
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