Grey Mountain Partners, LLC (“GMP”) has made an equity investment in Triton Diving Services, LLC (“Triton”), a provider of commercial diving services to the offshore oil and gas industry in the Gulf of Mexico.
The investment provides Triton with additional capital and resources to enable it to continue providing the safest, highest quality service to its customers, and to further expand its business through internal growth initiatives or additional acquisitions of complementary businesses.
“Triton’s expertise in surface diving, strong customer relationships, and attractive marine assets distinguish the company as a market leader in the Gulf of Mexico shallow water diving niche. We will work together with this outstanding management team to continue to expand Triton’s presence in the market.”
“We are very excited about this investment and the opportunity to back the existing management team at Triton as they continue to grow,” said Grey Mountain’s Beth Lesniak. “Triton’s expertise in surface diving, strong customer relationships, and attractive marine assets distinguish the company as a market leader in the Gulf of Mexico shallow water diving niche. We will work together with this outstanding management team to continue to expand Triton’s presence in the market.”
Mark Jeansonne, President of Triton, said, “We are thrilled to be partnering with Grey Mountain and believe that Grey Mountain’s financial support and experience will be invaluable to the company as we take the business to the next level. We expect to continue to serve our customers with the same high level of service while maintaining strong growth in the business.”
About Triton Diving Services, LLC
Headquartered in Metairie, La., Triton Diving Services is an offshore commercial diving services provider focused on the Gulf of Mexico with a leading position in surface diving activities. Triton’s best-in-class safety record and focus on customer service has earned the company a reputation for high quality, incident free performance. With an owned fleet of six vessels, approximately 175 professional divers, and offices in Metairie, Amelia, and Houston, the company provides decommissioning, maintenance, inspection, and repair, and emergency services to a variety of major operators and engineering firms in the offshore oil and gas market.
About Grey Mountain Partners
Grey Mountain Partners is a Boulder, Colo.-based private equity firm that focuses on building value in partnership with management through sustainable operational improvement. GMP invests in smaller middle market companies across a wide range of industries and in transactions with enterprise values between $30 million and $150 million.
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Source:Businesswire, January 13, 2011; Image: Triton