Bochi Investments ("Bochi"), a Pacific Northwest private equity firm dedicated to the region’s underserved lower middle market, has announced the platform acquisition of Diversified Marine, Inc (“DMI”or the “Company”), in partnership with DMI’s management team.  

Founded in 1985 by Kurt Redd on the banks of the Columbia River in Portland, Oregon, DMI has built a strong reputation in the construction, retrofitting, and repair of tugboats, barges, and other commercial vessels. With 40 years of experience, the company operates two on-river dry dock facilities and is the premier builder of tugboats on the West Coast. Frank Manning, current President of DMI, will be elevated to the position of Owner and CEO.

Sam Handley, a Bochi Partner, commented, “We are honored to partner with Frank Manning and his incredible team and to uphold the standard Kurt Redd has built over the last 40 years. We are deeply proud to help play a role in revitalizing American ship building and supporting the nation's deep maritime legacy.”

Frank Manning, newly appointed CEO of DMI, added, “I am proud to partner with Bochi and look forward to leading DMI’s incredible team in this next chapter. Kurt Redd gave me an opportunity at DMI and has been a close friend and mentor for many years. I do not take the responsibility of carrying on his legacy lightly. With Bochi as a partner, I could not be more confident in DMI’s future. Bochi has been phenomenal to deal with and add a level of resources and capabilities that are rare in our industry. I am excited to continue delivering high-quality vessels and shipyard services to our customers for decades to come.”

Umpqua Bank provided debt financing for the transaction. McGuire Woods LLP served as legal advisor to Bochi. Miller Nash LLP served as the legal advisor to the Redd family.

About Bochi Investments

Bochi is a private equity firm based in Lake Oswego, Oregon specializing in buyouts and selective growth equity investments in our beloved home region of the Pacific Northwest. Our hyper local, relationship-first approach allows us to build deep, lasting partnerships with founders and leaders who are either planning succession or seeking growth capital to take their businesses to the next level. We generally target companies generating $3–$20 million of EBITDA in the consumer, industrial, and services sectors. Bochi currently has assets under management in excess of $150 million. DMI joins Burgerville, Superior Fruit Equipment, and Willamette Valley Meat as platform acquisitions in the Pacific Northwest. Growth equity investments in the Pacific Northwest include Bamboo Sushi, Bridgetown Natural Foods, GearUp Sports, and ZincFive. To learn more, visit Bochi Investments and our page on LinkedIn. For business development opportunities, please contact Sam Handley or Nathan Ngai