NEW YORK, July 31, 2012 /PRNewswire/ -- Affiliates of Drew Marine ("Drew Marine") announced today the completion of the previously announced acquisition of Chemring Group PLC's ("Chemring") maritime interests for cash consideration of £32 million. Under Drew Marine's ownership, the acquired business will be named Drew Marine Signal and Safety ("DMSS").
DMSS is the world's leading supplier of marine distress signals including handflares, manoverboard buoys, line-throwers and other required rescue products under established brands including Pains Wessex, Comet, Aurora and Oroquieta. The Company's products are produced in Bremerhaven, Germany; Pamplona, Spain; and Lara, Australia. The business will continue to be headquartered in Hampshire, UK.
Drew Marine is the global leading provider of technical solutions and services to the marine industry specializing in Water Treatment, Fire, Safety & Rescue ("FSR"), Cleaning & Coatings, Fuel Management, Welding & Refrigeration and Sealing Products.
Len Gelosa, President and CEO of Drew Marine, said: "On behalf of all of our global employees, I am extremely pleased to formally welcome the outstanding management and employees of DMSS to the Drew Marine family. The acquisition of DMSS's market leading brands and technology fits perfectly with our strategy to expand our FSR capabilities and provide essential safety and rescue products to the global maritime industry."
Drew Marine was acquired in August 2009 by J.F. Lehman & Company, a leading middle-market private equity firm focused on the defense, aerospace and maritime sectors. "The acquisition of DMSS represents a major milestone for Drew Marine," said Louis Mintz, Partner. "DMSS is a highly complementary fit with Drew Marine and has many of the characteristics J.F. Lehman & Company seeks in acquisition candidates – leading market positions, blue-chip global customers, established brands synonymous with quality, recurring and regulatory-driven demand and a strong track record of performance. We expect to leverage all of these attributes and pursue new opportunities for growth."
Senior debt financing for the acquisition was arranged by BNP Paribas Securities Corp. (as sole lead arranger). Mezzanine financing was provided by affiliates of Babson Capital. Jones Day LLP and select international law firms provided legal counsel to Drew Marine.
SOURCE J.F. Lehman & Company