The Carlyle Group, Stellex Capital Complete Acquisition of Vigor, MHI

Global investment firm The Carlyle Group (NASDAQ: CG) and private equity firm Stellex Capital Management today announced they have closed on their acquisition of Vigor Industrial LLC and MHI Holdings LLC. 

In addition, Carlyle and Stellex announced they have appointed Jim Marcotuli as CEO of the newly created company comprising Vigor and MHI, effective today.

Marcotuli brings more than 30 years of leadership experience in the defense and manufacturing industries. He has served in a number of executive and operating roles with Carlyle portfolio companies and in industries spanning defense, aerospace, transportation, and automotive.

“Vigor and MHI have tremendous potential for growth and I am grateful for the opportunity to lead the new company,” said Marcotuli. “I am eager to engage with the employees who have made these companies what they are today, and to work with the team to create sustainable value for our customers.”

“Jim is a proven leader who excels at driving strong performance through motivating and building great teams,” said Derek Whang, Principal at The Carlyle Group. “He is a natural fit for Vigor and MHI, both in his leadership style and his background, and we’re looking forward to partnering with Jim and all employees and supporting them in this next phase of growth.”

“Jim is a results-oriented executive who builds and successfully executes strategies to drive sustained improvement and growth,” said David Waxman, Managing Director at Stellex Capital.  “We have known Jim for many years and are confident that he will build upon the solid foundations of Vigor and MHI to create an even stronger company.”

Frank Foti, Vigor’s founding CEO and prior majority owner, has stepped out of his role as CEO of Vigor while remaining an investor in the new parent company and serving as its Vice Chairman of the Board of Directors. Tom Epley will continue to lead MHI Ship Repair & Services LLC and MHI Holdings LLC and will report to Marcotuli.
 
Marcotuli previously served as the Interim Chairman and CEO of Remington Outdoor Company and prior to that served as CEO of North American Bus Industries (NABI).  He has held board seats and senior positions in various manufacturing companies predominately in the aerospace and automotive industries.
A native of Pennsylvania, Marcotuli holds a multi-disciplinary Bachelor of Science degree from Pennsylvania State University, with emphases in accounting, business administration and management psychology.

Carlyle’s equity for the investment came from the Carlyle U.S. Equity Opportunity Fund II, a $2.4 billion fund that focuses on middle-market and growth companies in the United States and Canada.