NEWTOWN SQUARE, PA — Delphinus Engineering has partnered with private equity firm Bluestone Investment Partners to support expansion of its naval maintenance and modernization business, while founder Ranjit Das retires and Chief Operating Officer Roby Lentz assumes the role of chief executive officer.
The investment comes as demand grows for companies supporting the U.S. Navy’s efforts to strengthen fleet readiness and expand the nation’s maritime industrial base. Terms of the transaction were not disclosed.
Delphinus said it will use the partnership to invest in its workforce, expand technical capabilities and pursue acquisitions aimed at broadening its naval maintenance, modernization and sustainment operations.
The company has provided engineering, maintenance and modernization services to the U.S. Navy for more than three decades.
Lentz, one of Delphinus’ earliest employees, succeeds Das after serving as senior vice president and chief operating officer.
“With Bluestone’s partnership, we have the opportunity to invest even more aggressively in our people, expand our technical capabilities, and pursue strategic acquisitions that strengthen Delphinus,” Lentz said. “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.”
Das said Lentz “helped build Delphinus from its earliest days” and “embodies the values, culture, and commitment to our people and customers that have defined this company.”
Bluestone Managing Partner John Allen said the investment aligns with the firm’s focus on companies serving the U.S. military and government sector.
“Delphinus sits at the center of one of our nation’s most important strategic priorities, the revitalization of America’s maritime industrial base,” Allen said. He added that Bluestone plans to support both organic growth and a “disciplined acquisition strategy” to expand the company’s capabilities.
Piper Sandler & Co. served as Delphinus’ sole sell-side financial advisor on the transaction.
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