Shipbuilder Diversified Marine Inc., Portland, Ore., has been acquired by private equity firm Bochi Investments LLC, Lake Oswego, Ore., in a deal that closed on July 3. Financial terms were not disclosed.
Diversified Marine is a leading tugboat builder on the West Coast, active for 40 years in commercial vessel construction, retrofitting, and repair.
Under the new ownership structure, Frank Manning, who previously served as Diversified Marine's president and COO, will lead the shipyard as CEO and partner.
"We're looking to expand both repair and newbuild activities, and then some vessel deconstruction as well," Manning told WorkBoat. "We're interested in taking on more backfilled projects internally with the capabilities and resources that Bochi brings to the table.
"We have very good customers. We want to continue to support them the same way we have over the years and continue to develop and give opportunities to our workforce," Manning added.
Diversified Marine is currently building three tugs, including one scheduled for delivery this year to Shaver Transportation Co., Portland, and two set for delivery in 2026 to Ursa Major Holdings LLC, Los Angeles.
Kurt Redd, founder and former CEO of Diversified Marine, will spin off the company’s services division to continue running its tug, barge, and marine construction offering.
Led by J.B. Handley and Sam Handley, Bochi's portfolio comprises nine companies across various industries in the Pacific Northwest.
Representatives from Bochi were not immediately available for comment.
