KIRBY CORP acquired Global Power Holding Company (Global Power Systems, L.L.C.) for approximately $100 million in cash, a transaction completed in June 2006, structured as all cash (stock purchase).
Global Power Holding Company (Global Power Systems, L.L.C.) operates in Diesel engine services, is based in Houma, Louisiana / Gulf Coast, USA, had revenue of about approximately $63 million (2005). Global Power Holding Company, parent of Global Power Systems, L.L.C., a Gulf Coast high-speed diesel engine services provider headquartered in Houma, Louisiana, operating factory-authorized full-service dealerships for Caterpillar, Cummins, Detroit Diesel and John Deere engines and Allison transmissions. Global generated approximately $63 million of revenue in 2005. Acquired by Kirby subsidiary Marine Systems, Inc.
Expanded Kirby's diesel engine services business with a Gulf Coast high-speed engine dealer serving offshore oil services and marine customers.
Established Gulf Coast high-speed diesel dealer with factory authorizations serving offshore oil-services and marine customers. Broadened Kirby's diesel engine services dealership and service network on the Gulf Coast. Kirby diesel engine services segment (Marine Systems, Inc.)
Kirby Corporation ... announced today that its wholly owned subsidiary, Marine Systems, Inc., has signed an agreement to purchase the stock of Global Power Holding Company, a privately held company that owns all of the outstanding equity of Global Power Systems, L.L.C. ('Global'), a Gulf Coast high-speed diesel engine services provider, for approximately $100 million in cash.Kirby Corporation press release (May 3, 2006)
Advisory firms were not disclosed for this transaction.