NEW YORK, June 6, 2012 /PRNewswire/ -- Affiliates of Drew Marine ("Drew Marine") have reached a definitive agreement with Chemring Group PLC ("Chemring") to acquire Chemring's maritime interests ("Chemring Marine" or the "Company") for a cash consideration of 32 million pounds, subject to standard closing adjustments. Under Drew Marine's ownership, the business will be named Drew Marine Signal and Safety ("DMSS").
Chemring Marine 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.
Len Gelosa, President and CEO of Drew Marine, said: "The acquisition of Chemring Marine is a perfect fit with our strategy to provide essential products for safety, reliability and compliance to the global maritime industry. Like Drew Marine, Chemring Marine is known for supplying the highest quality and best performing products to the markets that we serve. The addition of these high quality brands is in keeping with Drew Marine's philosophy of bringing the best of the market to our customers. In addition, we add a new distribution model to Drew Marine's capabilities, which should allow us to broaden our customer base and explore additional products suitable for the Company's global distributor network."
Completion of the transaction, which is conditional upon regulatory approvals, is expected by the end of July.
Drew Marine is the global leading provider of technical solutions and services to the marine industry specializing in Water Treatment, Fire, Safety & Rescue, Cleaning & Coatings, Fuel Management, Welding & Refrigeration and Sealing Products.
Drew Marine was acquired by J.F. Lehman & Company in 2009. J.F. Lehman & Company is a leading middle-market private equity firm focused on the defense, aerospace and maritime sectors.
About J.F. Lehman & Company
J.F. Lehman & Company is a leading middle-market private equity firm focused primarily on the maritime, defense, and aerospace sectors. The firm has offices in New York and Washington, D.C.
For more information about J.F. Lehman & Company, please visit www.jflpartners.com.
SOURCE J.F. Lehman & Company