Lone Star Affiliate Acquires Titan Acquisition Holdings from Carlyle and Stellex

The Carlyle Group and Stellex Capital Acquire and Merge Vigor Industrial and MHI Holdings

October 14, 2019

Industrial Services

Global investment firm The Carlyle Group and private equity firm Stellex Capital Management have closed their acquisition of Vigor Industrial LLC and MHI Holdings LLC and merged the businesses to create a bicoastal ship repair and fabrication platform. Carlyle will be majority owner, Stellex contributed equity, Jim Marcotuli was appointed CEO of the combined company, and legacy leaders including Frank Foti and Tom Epley will remain in board/executive roles.

Titan Acquisition Holdings Acquires Huntington Ingalls' San Diego Shipyard

February 12, 2020

Industrial Services

Titan Acquisition Holdings, a PE-backed ship repair and fabrication platform formed by The Carlyle Group and Stellex Capital Management, has signed an agreement to acquire Huntington Ingalls Industries' San Diego Shipyard. The acquisition expands Titan's ship repair capabilities and geographic footprint in a major U.S. naval port to better serve defense and commercial maritime customers; closing is expected in Q2 and financial terms were not disclosed.

Titan International Acquires Carlstar Group LLC

February 29, 2024

Manufacturing

Titan International, Inc. acquired Carlstar Group LLC for approximately $296 million in a cash-and-stock transaction that closed on February 29, 2024. The deal (funded with $127 million cash and $169 million in Titan equity) expands Titan's manufacturing and distribution footprint—adding four manufacturing facilities and twelve distribution centers—and brings Carlstar's ~2023 revenue of $615 million under Titan's ownership; Carlstar was majority owned by funds affiliated with American Industrial Partners (AIP).

SCF Partners Acquires Titan Group and Affiliates to Form Taurus Industrial Group

August 13, 2019

Industrial Services

SCF Partners has acquired Titan Group, LLC and its affiliated companies and combined them with SCF's existing portfolio company, Hi‑Tech Industrial Services, LLC, to form Taurus Industrial Group. The combined platform, headquartered in Houston, Texas, will provide integrated E&I, engineering, mechanical, refractory and soft‑craft services to the refining, petrochemical and midstream industries across the US Gulf Coast and Midwest.

The Carlyle Group and Stellex Capital Acquire IMIA Group Holdings from J.F. Lehman & Company

November 11, 2021

Aerospace & Defense

The Carlyle Group and Stellex Capital Management have acquired IMIA Group Holdings from J.F. Lehman & Company. IMIA, headquartered in Spanish Fort, Alabama, is a leading provider of multi-disciplined marine preservation, scaffolding, environmental containment and staffing services for U.S. Navy MRO and new construction, with a workforce of over 1,500 employees.

Lone Star Funds Acquires Hillenbrand, Inc.

February 10, 2026

Manufacturing

An affiliate of Lone Star Funds has completed the previously announced all-cash acquisition of Hillenbrand, Inc. for an enterprise value of approximately $3.8 billion. The transaction takes Hillenbrand private (its common stock will be delisted) and Lone Star will partner with Hillenbrand's management to execute strategic growth and operational plans.