Gulf Island Fabrication Inc. completed the acquisition of assets of Workforce One, LLC and LEEVAC Shipyards, LLC from Christian G. Vaccari and other shareholders.
January 31, 2015
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Gulf Island Fabrication Inc. (NasdaqGS:GIFI) entered into an agreement to acquire assets of Workforce One, LLC and LEEVAC Shipyards, LLC from Christian G. Vaccari and other shareholders for $20 million on December 23, 2015. Consideration is subject to post-closing adjustment. Acquisition includes LEEVAC's leasehold interests at its marine fabrication facilities in Jennings, Louisiana and Lake Charles, Louisiana, and substantially all of LEEVAC's machinery and equipment. The transaction is subject to a working capital adjustment under which buyer would receive at closing a dollar for dollar reduction for the assumption of certain net liabilities of LEEVAC and settlement payments from sureties on certain ongoing fabrication projects that will be assigned to buyer. The transaction is subject to regulatory approval and certain customary closing conditions and is expected to close at the end of the fourth quarter of 2015 or beginning of the first quarter of 2016.
PPHB, LP acted as financial advisor and Allen Frederic of Jones Walker LLP acted as legal advisor for to Gulf Island. Richard Aguilar of McGlinchey Stafford, PLLC acted as legal advisor for Workforce One, LLC and LEEVAC Shipyards, LLC.
Gulf Island Fabrication Inc. (NasdaqGS:GIFI) completed the acquisition of assets of Workforce One, LLC and LEEVAC Shipyards, LLC from Christian G. Vaccari and other shareholders on January 1, 2016.
Gulf Island Fabrication, Inc. is a fabricator of complex steel structures and modules. The Company is also a provider of specialty services, including project management, hookup, commissioning, repair, maintenance, scaffolding, coatings, welding enclosures, civil construction and staffing services for the industrial and energy sectors. The Company operates through two divisions: the Services Division, and the Fabrication Division. Services Division provides maintenance, repair, construction, scaffolding, coatings, welding enclosures and other specialty services on offshore platforms and inland structures and at industrial facilities. It also provides services required to connect production equipment and service modules and equipment on offshore platforms. Fabrication Division fabricates modules, skids and piping systems for onshore refining, petrochemical, industrial facilities, and offshore facilities; fabricates foundations, secondary steel components and support structures.
Gulf Island Fabrication Inc. completed the acquisition of assets of Workforce One, LLC and LEEVAC Shipyards, LLC from Christian G. Vaccari and other shareholders.
GULF ISLAND FABRICATION, INC. 
