PCE Investment Bankers is pleased to announce the shareholders of Hendry Marine Industries, Inc., a Tampa, Florida, based full-service shipyard and maritime service company, have sold a partial interest of the company to the Hendry Marine Industries ESOPTrust. PCE Investment Bankers served as the financial advisor to Hendry Marine Industries.
Under the names Gulf Marine Repair Corp. and Hendry Corp., Hendry Marine Industries provides high-quality services for the marine industry, including commercial and government dry dock services and top-side repair steel fabrications, stevedoring and marine terminal operations, and marine environmental services. Founded 89 years ago by the late Captain F.M. Hendry, Hendry Corporation and the entire Hendry Marine Industry family continue the tradition of serving customer’s needs by performing difficult feats and meeting demanding schedules, while still providing reasonable rates.
This same sense of fairness is what lead Aaron Hendry, owner of Hendry Marine, to consider an ESOP (Employee Stock Ownership Plan) for his company. “Our employees have worked hard for many years and have certainly made Hendry Marine the success it is today. I am happy that they will benefit further from our company’s future success,” said Hendry.
Will Stewart, Partner and leader of PCE’s ESOP practice commented, “It was a pleasure to work with Mr. Hendry and his team at Gulf Marine and Hendry Corp. The transaction provided meaningful proceeds to the sellers while ensuring the companies will continue to thrive under the current leadership.“
About Hendry Marine Industries
Formed in 1926 and located at Port Tampa Bay, Hendry Marine Industries is the holding company for Gulf Marine Repair Corporation, Hendry Corporation, as well as Universal Environmental Solutions, LLC. The companies make up a full-service shipyard providing a variety of services from routine dry docking and maintenance to major repair and conversions. Universal Environmental Solutions provides gas-freeing and maritime remediation services, making the Tampa facility a one-stop shop for quality and efficient repair services. For more information, visit www.gulfmarinerepair.com or www.hendrycorporation.com.
About PCE Investment Bankers
PCE is a leading financial services firm for mid-market companies, offering clients a full range of investment banking, valuation and advisory services. It provides M&A support, ESOPs, management buy outs (MBOs), bankruptcy advisory, restructuring, and fairness and solvency opinion advisory services. Additionally, the firm offers management consulting, succession planning, strategic analysis and litigation support. Experienced in all market sectors, PCE has established several specialty practice areas, including Consumer, Diversified Industrial – Infrastructure & Power, Healthcare, Construction & Building Products, Manufacturing, and Food. Offices in Orlando, Atlanta, Chicago and New York.