Mr. BEN Marine Purchases Budwine Companies
Mr. BEN Marine LLC has purchased Budwine & Associates LLC, River Services LLC and Budwine Marine Management LLC.
The deal, which closed in December, was announced January 16.
Mr. BEN Marine is a single-family office with roots in Louisiana and Georgia. Budwine was founded in 1984 in New Orleans and offers surveying, inspection, diving, salvage and emergency response services. The company has offices in New Orleans, Mobile, Ala., Memphis, Tenn., Greenville, Miss., and Paducah, Ky.
Chaffe and Associates Inc., through its subsidiary, Chaffe Securities Inc., served as the exclusive investment banker to Budwine. Whit Slocum, Alex Rooney and Michael Schmidt led the Chaffe team.
Fred Budwine, founder and CEO of Budwine, said Chaffe helped to find the right type of investor to move the companies into the future, with an initial presentation determining the company’s value and an understanding of how it was viewed both within and outside of the industry.
“These investors’ business and industry acumen were the right fit at the right time, and we are positioning ourselves to be industry leaders for years to come,” Budwine said.
Graham Wogan, a principal for Mr. BEN Marine and the incoming president of Budwine, said, “Budwine is highly regarded in the industry, exemplifying the professionalism and quality we value. Their commitment to a client-centered approach is something to which we were immediately drawn. We are thrilled to collaborate with Fred, who will remain with the companies as CEO, and his team to enhance the services offered in the Gulf Coast region.”
Michael H. Schmidt, managing director at Chaffe, said he was pleased with the deal, which he described as “bringing great value to Fred and securing a true partner for the future.”
He added, “Whit Slocum’s leadership on this transaction was nothing short of absolute, and both buyer and seller benefited greatly from the Chaffe deal team.”
Chip Saulsbury of Jones Walker LLP led the legal team for Mr. BEN Marine, while Byran Thames and Trice Stabler at Maynard Nexsen PC, in Mobile, Ala., represented Budwine.
