VT Group

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VT Group
Company type Wholly owned subsidiary
IndustryMaritime, Aviation, Information Systems and Technology, Manufacturing and Fabrication, IT, Engineering, Infrastructure & Installation, Unmanned, Logistics & Training, Base Operations, Healthcare, Hospitality, Commercial, Government Solutions, Security & Surveillance, DoD
Predecessor Vosper & Company
John I. Thornycroft & Company
Founded1966
Headquarters Chantilly, Virginia
Key people
John Hassoun (CEO)
OwnerVT Holdings, Inc.
Subsidiaries VT Milcom Inc.
VT Services Inc.
VT Aepco Inc.
VT Griffin Inc.
National Technologies Associates, Inc.
Website vtgdefense.com OOjs UI icon edit-ltr-progressive.svg

VT Group is a privately held United States defense and services company, with its origins in a former British shipbuilding group, previously known as Vosper Thornycroft. The British part of VT Group was integrated into Babcock International in the early 2010s. In July 2012, The Resolute Fund II, LP, an affiliate of The Jordan Company acquired VT Group.

Contents

History

VT Group plc was a British defence and services company, formerly known as Vosper Thornycroft. The company had diversified from shipbuilding into various engineering and support services, becoming involved in many areas of provision through five main operating groups: VT Communications, VT Education and Skills, VT Services Inc and VT Support Services. VT Group exited the shipbuilding industry in October 2009, after selling its 45% share of the Shipbuilding Joint Venture company BVT Surface Fleet to BAE Systems. Formerly listed on the London Stock Exchange and a constituent of the FTSE 250 Index, the remainder of the firm was acquired by Babcock International Group in July 2010. [1]

Vosper Thornycroft company logo Vosper Thornycroft logo.svg
Vosper Thornycroft company logo

The company was formed by the merger of two shipbuilding companies Vosper Limited of Portsmouth and J I Thornycroft of Woolston, Southampton in 1966, at which time the Company became listed on the London Stock Exchange as Vosper Thornycroft. [2] Vosper Ltd built small boats and J I Thornycroft had a long history of building destroyers and similar sized craft. The company was nationalised by the Labour Government in 1977, becoming a division of British Shipbuilders. It became a commercial company again after a management buyout in 1985.

Vosper Thornycroft flourished even during lean times for warship building, mainly through successful sales efforts in exports and diversification outside the core shipbuilding business into training and support. In 1998, Vosper Thornycroft acquired the specialist military boatbuilder Halmatic, based in Portchester.

In 2001, in their most ambitious diversification project, VT started work on the US$55million superyacht Mirabella V for former Avis Car Hire boss Joe Vittoria. At the time of its completion in 2004, Mirabella V was the world's largest single-masted sailing vessel with an overall length of 75 metres and a mast height of approximately 87 metres. [3]

From 2002, the overall business was known as VT Group plc. [2]

Move to Portsmouth Naval Base and creation of BVT Surface Fleet

From its formation in 1966, the company was based at the former Thornycroft shipbuilding yard at Woolston in Southampton, Hampshire but in 2003 relocated its shipbuilding operations to new facilities in the famous HMNB Portsmouth Naval Dockyard under the name VT Shipbuilding. In 2008, VT Shipbuilding was merged with BAE Systems' Glasgow-based Surface Fleet Solutions subsidiary to form BVT Surface Fleet. [4] The VT Halmatic boatyard site in Portchester was also sold off to Trafalgar Wharf, with Halmatic also moving into Portsmouth Naval Base.

Entry into the nuclear industry

In 2008, VT Group acquired BNG Project Services from the government-owned British Nuclear Fuels for £75m. As the provider of nuclear decommissioning and waste treatment engineering services, Project Services gave VT Group access to the nuclear industry in the UK and abroad. The business was renamed VT Nuclear Services. [5]

Exit from BVT

On 28 January 2009 VT Group announced its intention to sell its share of BVT Surface Fleet to BAE Systems. VT Group's put option valued its share at a minimum of £380 million subject to conditions, however VT Group was expected to make a cash injection into the business to offset difficulties with contracts with Trinidad and Tobago and Oman. Following the sale of VT Group's 45% share, BVT Surface Fleet was renamed BAE Systems Surface Ships to reflect the total ownership. [6]

Takeover and restructuring

In 2010, the British defence and construction company Babcock International purchased VT Group for £1.32bn. [7] [8]

Babcock integrated the UK portion of VT Group into its own business. In 2012, Babcock sold VT Group, which was by then US-based, to the private investment fund Resolute Fund II LP, linked to the Jordan Company. [9]

VT Group rebranded as VTG in 2020. [10]

Subsidiaries

VT Group is composed of five subsidiaries focused on maritime, aviation, information systems and technology and manufacturing and fabrication, with more than 700 employees.

Related Research Articles

BAE Systems plc (BAE) is a British multinational arms, security and aerospace company, based in London, England. It is the biggest manufacturer in Britain as of 2017. It is the largest defence contractor in Europe and the seventh-largest in the world based on applicable 2021 revenues. Its largest operations are in the United Kingdom and in the United States, where its BAE Systems Inc. subsidiary is one of the six largest suppliers to the US Department of Defense. Its next biggest markets are Saudi Arabia, then Australia; other major markets include Canada, Japan, India, Turkey, Qatar, Oman and Sweden. The company was formed on 30 November 1999 by the £7.7 billion purchase of and merger with Marconi Electronic Systems (MES), the defence electronics and naval shipbuilding subsidiary of the General Electric Company plc (GEC), by British Aerospace, an aircraft, munitions and naval systems manufacturer.

<span class="mw-page-title-main">Great British Nuclear</span> Nuclear energy and fuels company

Great British Nuclear, officially British Nuclear Fuels Ltd is a nuclear energy and fuels company owned by the UK Government. It is a non-departmental public body sponsored by the Department for Energy Security and Net Zero.

HMS <i>Mersey</i> (P283) 2003 River-class offshore patrol vessel of the Royal Navy

HMS Mersey is a River-class offshore patrol vessel of the British Royal Navy. Named after the River Mersey, she is the fifth RN vessel to carry the name and the first to be named Mersey in 84 years. Various tenders were renamed Mersey during their service with Mersey Division Royal Naval Reserve between the early 1950s and late 1970s.

<i>Mirabella V</i> Yacht built in 2003

M5 is a sloop-rigged super yacht launched in 2003 as Mirabella V. She is the largest single-masted yacht ever built.

British Shipbuilders (BS) was a public corporation that owned and managed the shipbuilding industry in Great Britain from 1977 through the 1980s. Its head office was at Benton House in Newcastle upon Tyne, England.

<span class="mw-page-title-main">Yarrow Shipbuilders</span> Former shipbuilding firm based in Glasgow, Scotland

Yarrow Shipbuilders Limited (YSL), often styled as simply Yarrows, was a major shipbuilding firm based in the Scotstoun district of Glasgow on the River Clyde. It is now part of BAE Systems Surface Ships, owned by BAE Systems, which has also operated the nearby Govan shipyard since 1999.

BAE Systems Marine Limited was the shipbuilding subsidiary of BAE Systems, formed in 1999, which manufactured the full range of naval ships; nuclear submarines, frigates, destroyers, amphibious ships.

<span class="mw-page-title-main">John I. Thornycroft & Company</span> Shipbuilding company in the United Kingdom

John I. Thornycroft & Company Limited, usually known simply as Thornycroft was a British shipbuilding firm founded by John Isaac Thornycroft in Chiswick in 1866. It moved to Woolston, Southampton, in 1908, merging in 1966 with Vosper & Company to form one organisation called Vosper Thornycroft. From 2002 to 2010 the company acquired several international and US based defence and services companies, and changed name to the VT Group. In 2008 VT's UK shipbuilding and support operations were merged with those of BAE Systems to create BVT Surface Fleet. In 2010 remaining parts of the company were absorbed by Babcock International who retained the UK and international operations, but sold the US based operations to the American Jordan Company, who took the name VT Group.

HMS <i>Tyne</i> (P281) 2003 River-class offshore patrol vessel of the Royal Navy

HMS Tyne is a River-class offshore patrol vessel built by Vosper Thornycroft in Southampton for the Royal Navy to serve as a fishery protection unit within the United Kingdom's waters along with her two sister ships Mersey and Severn. All three were commissioned into service in 2003 to replace the five older Island-class patrol vessels.

Vosper Thornycroft may refer to:

<span class="mw-page-title-main">Sholing F.C.</span> Association football club in England

Sholing Football Club is an English football club based in Sholing, Southampton, Hampshire. Formerly known as Vosper Thorneycroft FC and later VTFC the club changed its name in 2010 to Sholing FC. In 2013–14 they won both the FA Vase and the Wessex League Premier Division and have three times been runners up in the Wessex Premier, in 2007, 2009 and 2016. They are currently members of the Southern League Premier Division South. The club has twice won the Hampshire League, in 2001 and 2004. Sholing are also 8 times Southampton Senior Cup Winners.

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HMS <i>Severn</i> (P282) River-class patrol vessel of the Royal Navy

HMS Severn is a River-class offshore patrol vessel of the Royal Navy. Named after the River Severn, the ship is the first to bear the name in 56 years. She was built by Vosper Thornycroft in Southampton, England, to serve primarily as a fishery protection unit within the United Kingdom's waters along with her two sister ships Mersey and Tyne. All three were commissioned into service in 2003 to replace the five older Island-class patrol vessels. The ship was decommissioned in 2017, but the Government decided to recommission her as part of Brexit preparedness. She returned to service in 2020 and was recommissioned into the Royal Navy on 28 August 2021.

Thornycroft, Thorneycroft, or Thornicroft may refer to:

Vosper & Company, often referred to simply as Vospers, was a British shipbuilding company based in Portsmouth, England.

Fleet Support Limited (FSL) is a British company formed to run HMNB Portsmouth's Fleet Maintenance and Repair Organisation (FMRO) on a commercial basis. The FMRO was an agency of the Ministry of Defence responsible for repair and maintenance of Royal Navy vessels. FSL performs this task but also undertakes commercial work such as shiprepair, refitting, conversion and hull fabrication. FSL also carries out heavy engineering work and nondestructive testing for the marine and engineering sectors.

BAE Systems Maritime – Naval Ships is a wholly owned subsidiary company of BAE Systems, specialising in naval surface shipbuilding and combat systems integration. One of three divisions of BAE Systems Maritime, along with BAE Systems Submarines and BAE Systems Maritime – Maritime Services, it is the largest shipbuilding company in the United Kingdom, one of the largest shipbuilders in Europe, and one of the world's largest builders of complex warships.

Trafalgar Wharf is a shipyard in Portsmouth accommodating marine engineering businesses ranging from sailmakers and boat brokers to boat builders. It was formerly the VT Halmatic shipyard, owned by VT Group and latterly by BVT Surface Fleet. In November 2023 the site was acquired by Premier Marinas who also operate Port Solent marina opposite.

History of Woolston, suburb of Southampton, Hampshire.

BAE Systems Maritime – Maritime Services is a wholly owned subsidiary company of BAE Systems, specialising in the repair and maintenance of Royal Navy vessels, as well as product development, naval training and through life support for radar, torpedoes and small boats. Along with BAE Systems Maritime – Submarines and BAE Systems Maritime – Naval Ships, it is one of three divisions of BAE Systems Maritime.

References

  1. ↑ Hasell, Nick (11 May 2010). "Babcock's public service appeal". The Times. London.
  2. 1 2 "Learning 21: About us". Archived from the original on 4 November 2006. Retrieved 4 November 2006.
  3. ↑ Super-Sloop,Yachting World
  4. ↑ "BVT Surface Fleet Joint Venture becomes operational" (Press release). BAE Systems plc. 30 June 2008. Retrieved 1 July 2008.
  5. ↑ "VT Group Buys BNG Project Services". Nuclear Engineering International.
  6. ↑ Sandle, Paul; Hepher, Tim (28 January 2008). "VT Group to sell stake in shipbuilding JV to BAE". The Guardian. London: Guardian Newspapers. Reuters. Retrieved 28 January 2009.
  7. ↑ Wachman, Richard (23 March 2010). "Babcock and VT agree £1.3bn merger". London: Guardian. Retrieved 24 March 2010.
  8. ↑ Babcock International PLC. "Completion of Acquisition" (PDF). Retrieved 18 June 2011.
  9. ↑ "Babcock Int'l to sell VT Services to VT Holdings". MarketWatch: WSJ. 14 May 2012. Retrieved 24 January 2014.
  10. ↑ "VT Group rebrands as VTG". 29 July 2020. Retrieved 27 January 2022.
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