JF Lehman is a middle-market private equity firm focused on aerospace, defense and maritime sectors. It has some $US4 billion in assets under management.
Earlier this year, it was part of a consortium alongside Apollo Global Management and Hill City Capital that acquired Atlas Air Worldwide in a deal worth about $3 billion. Atlas Air is one of the largest providers of outsourced aircraft and aviation operating services.
Austal shares closed at $2.32 on Monday, and have gained about 5 per cent since Street Talk first reported that JPMorgan had been brought in as the company considered inbound interest from potential suitors.Despite the intense private equity interest, the company still trades at a discount to US-listed shipbuilders including Huntington Ingalls, General Dynamics and Lockheed Martin.
Austal reported revenues of $775 million for the six months to December 31, but sunk to a net loss of $7.3 million, down from a profit of $45.1 million in the previous corresponding period. Most of that fall was due to provisions taken in the US, the company told investors. Austal operates five shipyards in four countries including the US state of Alabama, near Fremantle in Western Australia, in the Philippines and in Vietnam.
A rapid build-up of the Chinese naval fleet has also created more opportunities for Austal. As the US increasingly turns its attention to the Indo-Pacific, the expected demand for smaller surface vessels and unmanned systems will continue to grow – an area in Austal’s expertise. has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.
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