LOS ANGELES, Feb. 10, 2022 – Kingswood Capital Management, LP (together with its affiliates, “Kingswood”) announced today that it has completed an investment in Lind Marine (the “Company”), an industry-leading, diversified marine services business headquartered north of the San Francisco Bay, together with its affiliated equipment company and boat manufacturing business, Moose Boats.
With strategically located real estate and a fleet of over forty vessels, Lind Marine provides dredging, shipyard, salvage, marine environmental remediation, tug and barge services, and bare boat charters of vessels and cranes. The Company also has a products business that sells sand and gravel aggregates and oyster shell calcium, as well as a division that manufactures high quality aluminum catamarans, crew boats, and mono hauls serving law enforcement, firefighting, the private sector, and the military as a GSA contractor. Kingswood is partnering with Seneca Partners and Lind Marine’s owners, Christian and Aaron Lind, who are retaining significant ownership in the Company and remaining in their current operating roles. Veteran maritime and logistics executive, Jon Slangerup, has joined the Company as its Chief Executive Officer.
“While already an industry leader in its geography, Lind Marine is uniquely positioned to become the go-to marine services provider on the west coast,” said Michael Niegsch, Partner of Kingswood. “We are thrilled to be partnering with Christian and Aaron Lind, who have done an excellent job growing and diversifying the business over the last decade, as well as Jon Slangerup and the rest of the leadership team, as the Company aggressively pursues accelerated growth both organically and through strategic acquisitions.”
“The Lind Marine transaction represents another example of Kingswood’s expertise in partnering with family and owner-operated businesses,” said Alex Wolf, Managing Partner of Kingswood. “The success we and our partners have had in these situations is an important part of Kingswood’s track record. We are excited about investing in and supporting Lind Marine’s continued growth and look forward to our partnership with Christian and Aaron.”
“With the Kingswood partnership and the addition of Jon Slangerup to our management team, we are ready to drive the next phase of growth at Lind Marine,” said Christian Lind, President of Lind Marine. “The capital and support provided by Kingswood now gives us the opportunity to execute upon and realize the aggressive growth goals we have long wanted to pursue. It was critically important to my brother and I to pick a partner that would care for our employees and customers the way we do and support us in continuing to do things the right way, which is what Lind Marine has been doing for over a hundred years of operating. Kingswood fit the bill perfectly.”
Callodine Commercial Finance provided the Company with a new debt facility as part of the investment and Kirkland & Ellis LLP served as legal counsel to Kingswood.
About Lind Marine
Lind Marine provides dredging, barge and tug services throughout the San Francisco Bay and Delta, and the Sacramento and San Joaquin Rivers. The company specializes in handling and moving bulk materials for the construction and agricultural industries, dredging projects of any size and marine environmental remediation. Starting with a single barge and tugboat in 1906, the Company has grown to become a full-service dredging, barge and tug company, with more than forty vessels. The Company also operates Moose Boats, a manufacturer of high-quality aluminum catamarans and mono hulls serving law enforcement, firefighting, the private sector, and the military as a GSA contractor.
About Kingswood Capital Management, LP
Kingswood Capital Management, LP is a private investment firm primarily focused on investing in businesses in transition. In addition to access to capital, Kingswood brings relevant industry relationships and a broad network of internal and external operating resources that can strengthen the businesses it partners with and enhance value. Kingswood has extensive experience with complex transactions where it provides tailored solutions that ensure the best outcome for all constituents. For more information, please refer to the Kingswood website at www.kingswood-capital.com.