NEW YORK, July 21 (Reuters) - Private equity firm Jordan Co said on Monday it is buying marine transportation firm Harvey Gulf International Marine Inc in a $500 million deal.
Jordan, a $5 billion buyout firm based in New York, said it is buying the Harvey, Louisiana-based company in partnership with two of Harvey’s current owners and executives, Shane and Shawn Guidry. Harvey Gulf specializes in towing drilling rigs and providing vessels for deepwater operations in the U.S. Gulf of Mexico.
Under the terms of the deal, Jordan would own 76 percent of Harvey Gulf, while management would own the rest.
Shane Guidry will serve as chairman and chief executive of the company, while his brother Shawn will be chief operating officer.
Jordan in January closed its second private equity fund, raising $3.6 billion, with investors including New Jersey Investment Board, Illinois State Board of Investment, New York State Teachers Retirement System and TIAA-CREF.
Other investments the company has in the United States include cable television firm Cequel Communications, health care products group Harrington Holdings Inc, and engineered electric motors firm Kinetek Inc. (Editing by John Wallace)
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