Succession Capital Partners is pleased to announce that Ken Newman, former Executive Vice President of Metro Machine located in the Norfolk Virginia, has made a strategic investment in one of its portfolio companies, Shipyard Staffing LLC.
Mr. Newman has been a leader on the Hampton Roads Waterfront for over 30 years, and he has played a major role in building and leading one of the most important ship repair businesses in the country. “We are thrilled to welcome Ken as part of our Shipyard Staffing ownership group. Ken not only brings a wealth of industry knowledge and experience to our team, he is a savvy business executive and entrepreneur. As many of our staffing competitors lose key managers and personnel, we at Shipyard Staffing continue to grow and expand. Ken is an example of that growth”, said Matt Malone, Managing Partner of Succession Capital Partners.
Mr. Newman will work closely with the executive team, as the company is looking to expand operations to the West Coast to support our clients as they continue to meet the needs of our aging fleet.
“I am looking forward to working with Shipyard Staffing to support an industry that I love, and that I want to continue to see thrive well into the future,” said Mr. Newman. “As our workforce is getting older, it is essential that companies like Shipyard Staffing help develop the next generation of skilled tradesmen, and I am excited to be a part of that challenge.”
About Shipyard Staffing:
Founded in 1982, Shipyard Staffing is a national provider of skilled tradesmen for the ship construction and repair industry. Shipyard Staffing’s talent includes skilled tradesmen, certified fire watch, experienced QA and supervisors. The Company’s clients include nationally known corporations such as BAE, General Dynamics, Huntington Ingalls, QED and many regional subcontractors. (Delphinus,Tecnico). Shipyard Staffing has offices in Chesapeake, Newport News and Mayport, FL.
About Succession Capital
Succession Capital Partners, (SCP) is a specialty investment firm focused on the micro-cap alternative asset class in the Mid-Atlantic and Southeastern United States. SCP invests private equity in both operating companies and real-estate assets under $50 million in enterprise value.
SCP has a unique blend of investment and operational experience. Drawing on more than 80 years of experience in alternative-asset investing. SCP offers a comprehensive suite of services rarely found in one firm. SCP exploits the inefficiencies inherent to the micro-cap asset class to deliver superior returns to our investors.
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