This investment brings new capital for acquisitions and capability expansion, as well as a new CEO from within. Bluestone Investment Partners has added another defense company to its portfolio in Delphinus Engineering, whose primary customer is the Navy.
Delphinus provides maintenance, modernization and industrial services to the Navy and other organizations in the maritime defense community.
The investment coincides with another transition for Delphinus. Founder and CEO Ranjit Das is retiring, while Roby Lentz is moving up to CEO from his prior role as chief operating officer.
The 30-year-old company has built its business around supporting the readiness of Navy vessels and the Bluestone investment will allow the company to invest more in people and capabilities as well as make acquisitions.
“As the Navy works to improve fleet readiness and the nation works to reindustrialize and strengthen its maritime industrial base, Delphinus will answer that call by expanding the maintenance, modernization, and sustainment capabilities essential to the readiness of the U.S. Navy,” Lentz said in a release Tuesday.
“When I founded Delphinus, our mission was simple. Bring together good people who wanted to solve our customers’ problems and build a company they could be proud of,” Das said. “Watching the company grow into a trusted partner of the U.S. Navy has been the greatest privilege of my career.”
Delphinus has pulled in $92.4 million in unclassified prime contract revenue over the trailing 12 months, according to USASpending.gov. The Navy accounted for all of those obligations.
Piper Sandler & Co. worked as sole financial adviser to Delphinus.
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