Keppel Infrastructure Fund (KIF), along with a co-investor, has acquired a 100% stake in Global Marine Group (GMG) from investment affiliates of J.F. Lehman & Company, according to the company's release.
GMG, headquartered in the UK, operates a fleet of six vessels providing maintenance and installation services for the global subsea fibre optic cable network, serving telcos, hyperscalers, and global equipment suppliers with a history of consistent contract renewals.
The acquisition, marking KIF’s first investment, aligns with Keppel’s digital infrastructure strategy, including the Bifrost Cable System, and is expected to capitalize on a market for maintenance and installation services projected to grow at a 45% CAGR from 2023 to 2029, supported by GMG’s fleet utilization rate of nearly 100%.
Keppel Ltd. is a Singapore-based global asset manager founded in 1968, Keppel Ltd. operates in over 20 countries, focusing on infrastructure, real estate, and connectivity, with a funds under management portfolio of $88 billion as of end-2024.
Global Marine Group (GMG), established in 1850 and headquartered in Chelmsford, UK, GMG, is a leading subsea cable solutions provider with a history of installing the first transatlantic undersea cable and currently operates three business units: Global Marine, OceaniQ, and SubConnect.
J.F. Lehman & Company is a U.S.-based private equity firm founded in 1992, J.F. Lehman & Company focuses on aerospace, defense, maritime, and energy sectors, having acquired GMG in 2020 for approximately $250 million.