Key Takeaways
- • Kingswood Capital Management and Seneca Partners exited Lind Marine, a 120-year-old San Francisco Bay Area marine services operator, selling the company to Tallvine Partners after a four-year holding period that began in January 2022.
- • Lind Marine operates a diversified marine infrastructure platform with 40+ vessels, a 400-foot drydock at Mare Island, and annual cargo movement exceeding 1 million tons; the company also manufactures aluminum boats through its Moose Boats division and mines aggregates and oyster shell calcium.
- • Tallvine is consolidating a West Coast marine platform through this acquisition, complementing its September 2025 purchase of Donjon Marine (New Jersey-based dredging and salvage operator), creating a geographically diversified North American marine infrastructure platform.
- • Christian Lind retained operational control as CEO under Tallvine ownership, representing continuity for the third-generation family leadership while the company pursues fleet additions and regional strategic acquisitions.
- • The U.S. dredging services industry is a $2.5 billion market supported by federal Army Corps of Engineers contracts, the bipartisan infrastructure law, and coastal resiliency mandates, providing stable demand for specialized marine operators.
Summary
Kingswood Capital Management and co-investor Seneca Partners have sold Lind Marine to Tallvine Partners, concluding a four-year partnership that began in January 2022 when the two firms acquired a majority stake in the family-owned marine services company. The transaction marked Lind Marine's first engagement with institutional capital after more than 115 years of family ownership, signaling a successful transition of a legacy business to a new buyer within the marine infrastructure sector.
Lind Marine, headquartered in Vallejo, California, provides comprehensive marine services including dredging, shipyard repair, salvage, environmental remediation, and tug and barge operations across the San Francisco Bay, Mare Island, and the Sacramento and San Joaquin Rivers. The company operates a fleet of over 40 vessels, including 25 barges and six tugboats, moving more than 1 million tons of sand, aggregate, and gypsum annually for construction and infrastructure customers across Northern California. Beyond marine services, Lind Marine mines and sells sand, gravel aggregates, and oyster shell calcium, and operates Moose Boats, a manufacturer of aluminum catamarans and monohull vessels serving law enforcement, fire departments, military, and commercial customers. The company employs more than 120 people and maintains a strategic shipyard base on Mare Island featuring a 400-foot drydock capable of supporting vessel repair and new construction.
During the four-year holding period, Kingswood focused on operational modernization, management support, and capability expansion. The firm brought in Jon Slangerup, a veteran maritime and logistics executive, as chief executive officer at acquisition to complement the Lind family's operational leadership. According to Alex Wolf, founder and managing partner of Kingswood Capital, the partnership achieved "operational investments in the business, bringing in additional operational expertise, and supporting Christian and Aaron in their vision for the company." Christian Lind, who has served as president of Lind Marine since 2000 and represents the third generation of family leadership, will continue as CEO under Tallvine's ownership.
Tallvine Partners, founded in 2023 and headquartered in Miami, is executing a consolidation strategy in North American marine infrastructure. This acquisition represents Tallvine's second platform acquisition, following its September 2025 purchase of Donjon Marine, a New Jersey-based dredging, salvage, and emergency response operator. Thomas Lefebvre, a partner and CEO of Tallvine Partners, stated that "Lind Marine is highly complementary to this platform, expanding its geographic footprint into the West Coast and diversifying the customer base." Tallvine indicated plans to support fleet expansion, execute strategic acquisitions in the region, and facilitate capability-sharing across its consolidated platform.
The marine infrastructure sector benefits from sustained demand underpinned by federal Army Corps of Engineers waterway maintenance contracts, port-deepening programs, and environmental remediation mandates. According to IBISWorld, the U.S. dredging services industry generated $2.5 billion in market size in 2026, with growth promoted by federal investment through the bipartisan infrastructure law and port modernization initiatives. Raymond James served as exclusive financial advisor to Kingswood, and Kirkland & Ellis provided legal counsel.
Lind Marine, headquartered in Vallejo, California, provides comprehensive marine services including dredging, shipyard repair, salvage, environmental remediation, and tug and barge operations across the San Francisco Bay, Mare Island, and the Sacramento and San Joaquin Rivers. The company operates a fleet of over 40 vessels, including 25 barges and six tugboats, moving more than 1 million tons of sand, aggregate, and gypsum annually for construction and infrastructure customers across Northern California. Beyond marine services, Lind Marine mines and sells sand, gravel aggregates, and oyster shell calcium, and operates Moose Boats, a manufacturer of aluminum catamarans and monohull vessels serving law enforcement, fire departments, military, and commercial customers. The company employs more than 120 people and maintains a strategic shipyard base on Mare Island featuring a 400-foot drydock capable of supporting vessel repair and new construction.
During the four-year holding period, Kingswood focused on operational modernization, management support, and capability expansion. The firm brought in Jon Slangerup, a veteran maritime and logistics executive, as chief executive officer at acquisition to complement the Lind family's operational leadership. According to Alex Wolf, founder and managing partner of Kingswood Capital, the partnership achieved "operational investments in the business, bringing in additional operational expertise, and supporting Christian and Aaron in their vision for the company." Christian Lind, who has served as president of Lind Marine since 2000 and represents the third generation of family leadership, will continue as CEO under Tallvine's ownership.
Tallvine Partners, founded in 2023 and headquartered in Miami, is executing a consolidation strategy in North American marine infrastructure. This acquisition represents Tallvine's second platform acquisition, following its September 2025 purchase of Donjon Marine, a New Jersey-based dredging, salvage, and emergency response operator. Thomas Lefebvre, a partner and CEO of Tallvine Partners, stated that "Lind Marine is highly complementary to this platform, expanding its geographic footprint into the West Coast and diversifying the customer base." Tallvine indicated plans to support fleet expansion, execute strategic acquisitions in the region, and facilitate capability-sharing across its consolidated platform.
The marine infrastructure sector benefits from sustained demand underpinned by federal Army Corps of Engineers waterway maintenance contracts, port-deepening programs, and environmental remediation mandates. According to IBISWorld, the U.S. dredging services industry generated $2.5 billion in market size in 2026, with growth promoted by federal investment through the bipartisan infrastructure law and port modernization initiatives. Raymond James served as exclusive financial advisor to Kingswood, and Kirkland & Ellis provided legal counsel.
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