Norfolk Ship & Drydock Corp.
Closely-Held Family-Owned Transaction
Norfolk Ship & Drydock Corp.
Founded in 1915, Norfolk Ship and Drydock Corporation (NORSHIPCO) is one of the largest non-nuclear ship repair, modernization and conversion companies in North America. Our involvement with NORSHIPCO spanned a 10 year period over which Mann, Armistead & Epperson, Ltd. successfully completed six different merger and recapitalization transactions. As one of Virginia’s largest private corporations, NORSHIPCO utilized its excess capital in 1970/1980 to diversify its holdings through the acquisition of several businesses. In an effort to return to its “base business”, our firm assisted NORSHIPCO in divesting its financial (banking), insurance and non-shipbuilding repair subsidiaries to independent parties. Subsequent to those divestitures we restructured NORSHIPCO’s balance sheet through the refinance of its credit facilities. With the divestiture of non-core assets and a restructured balance sheet we commenced a sale process to take advantage of the consolidating ship repair industry. This process concluded with the acquisition of NORSHIPCO by an affiliate of The Carlyle Group, a Washington D.C. based private equity firm. During our affiliation with NORSHIPCO, Mann, Armistead & Epperson, Ltd. served as an advisor to the board and a director of several of NORSHIPCO’s subsidiaries.
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