Corporate finance firm Park Partners has advised on the sale of Bridgehouse Marine, the parent holding company of Chelmsford-headquartered Global Marine Services, to HC2 Holdings.

Global Marine has installed approximately 300,000 km of cable over the last 30 years, representing almost a quarter of all the fibre optic cable on the seabed today.

"I am delighted that our ambitions for Global Marine have the support of an investor that has the vision necessary to enable us to realise the substantial growth potential in the coming years," said Global Marine chief executive Ian Douglas.

"Together we will have the opportunity to develop the services we offer our existing customers and to bring our leading capability and expertise to customers and markets around the world."

Philip Falcone, HC2's chairman, president and chief executive officer, added: "We are acquiring the world's most experienced undersea cable installation and maintenance services provider at a time when significant opportunities exist globally in terms of telecoms, oil & gas and offshore power requirements for subsea cabling expertise.

"This investment in a truly global industry leader gives us the opportunity to support the growth plans of a proven management team."