Kristen Smith 
- Roby Lentz takes over as CEO, stepping up from COO and succeeding founder Ranjit Das
- Delphinus plans to put the capital toward its workforce, technical capabilities and acquisitions
- Delphinus holds spots on two Navy ship-repair contracts, including a submarine work deal valued at up to $1.9 billion
Delphinus Engineering has taken an investment from Bluestone Investment Partners and named a new chief executive officer as part of the deal. Roby Lentz assumes the CEO role, Bluestone said Tuesday.
The private equity firm invests exclusively in defense and government companies. Terms of the investment were not disclosed. Piper Sandler acted as the sole sell-side financial adviser to Delphinus.
Founded in 1994, Delphinus provides maintenance, modernization and industrial services to the Navy and the maritime defense sector. Navy leaders, defense officials and industry executives will take up fleet modernization priorities and emerging technologies at the Potomac Officers Club’s 2026 Navy Summit on Aug. 27. Register now!
Who Is Taking Over as Delphinus Engineering CEO?
Lentz was among the earliest hires at Delphinus and most recently held the senior vice president and chief operating officer roles. He succeeds founder Ranjit Das, who is retiring after more than 30 years leading the company.
What Will Delphinus Engineering Do With Bluestone’s Investment?
The company plans to allocate capital to its workforce and technical capabilities. Acquisitions make up the other half of the plan. Delphinus and Bluestone said they intend to build a naval maintenance, modernization and sustainment platform serving Navy fleet readiness.
John Allen, managing partner at Bluestone, said the firm will back organic growth alongside “a disciplined acquisition strategy” in the naval maintenance and modernization sector.
What Navy Work Does Delphinus Engineering Support?
Delphinus holds positions on two Navy multiple-award contracts for ship repair work.
Naval Sea Systems Command named Delphinus in September 2025 among 25 companies eligible to compete for submarine repair, maintenance and modernization task orders. That eight-year vehicle carries a base value of $1.12 billion and a ceiling of $1.9 billion if all options are exercised. Work runs at the Navy’s public shipyards in Norfolk, Virginia; Bremerton, Washington; Kittery, Maine; and Pearl Harbor, Hawaii.
Delphinus took a spot in May 2025 on a separate set of contracts covering littoral combat ship repair, maintenance and modernization at San Diego, California. Seventeen companies share that award, valued at a combined $2.65 billion and scheduled to run through May 2030.
