Succession Capital Exits Shipyard Staffing

Skill Trade Industry Disrupter Will Use Shipyard Staffing as Their Platform to Enter Marine Industry

Norfolk, VA (Jan 20, 2020) Succession Capital Partners announced today that it has sold Norfolk, VA and San-Diego, CA-based Shipyard Staffing, to Rig Up., the nation’s leading skill trade technology and oil field staffing firm.  Rig Up, backed by Peter Thiel’s Founders Fund and Marc Andreessen’s a16z venture capital firms, is reinventing the skill trade staffing industries.   Succession Capital Partners first acquired Shipyard Staffing in 2014 from the owner and founder who was looking to retire.    Succession invested heavily to expand Shipyard Staffing geographic reach opening new offices in San Diego, Newport News, and Jacksonville.   “Shipyard’s stellar team, led by Kathy Bryan and Jack Anthony, transformed our business from a small local niche player to a national business in just 5 years,” said former Shipyard Staffing CEO and Succession Capital Managing Partner, Matt Malone. “I never had any desire to sell Shipyard Staffing. However, after speaking with the Rig Up team, learning about their evolutionary business model and the unique world-class investors behind them, I knew this step was the best thing for our entire Shipyard Staffing team. Rig Up is literally evolving the entire skill trade industry from the oil fields and now the dry docks.”   “I am humbled that Rig Up selected Shipyard Staffing to be their national marine platform to transform the industry and ultimately reward the great men and women of the maritime construction industry.” The Shipyard Staffing investment added to Succession’s extensive local experience of more than 10 investments in the Hampton Roads market since 2014.   About Succession Capital Partners Succession Capital is the only professional buy-out firm headquartered in the Virginia Beach/Norfolk area. Succession focuses on working with family-owned businesses to assist them with the proper succession of their business. The firm invests in operating companies under $50 million in enterprise value and unlike most private equity firms, the partners of Succession Capital run their acquired businesses day to day. For more information about Succession Capital Partners please visit www.successioncp.com