Drew Marine Announces Definitive Agreement to Acquire Chemring Marine from Chemring Group PLC

Drew Marine Announces Definitive Agreement to Acquire Chemring Marine from Chemring Group PLC

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Drew Marine Announces Definitive Agreement to Acquire Chemring Marine from Chemring Group PLC PR Newswire NEW YORK, June 6, 2012 NEW YORK, June 6, 2012 /PRNewswire/ -- Affiliates of Drew Marine ("Drew Marine") have reached a definitive agreement with

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Drew Marine Announces Definitive Agreement
to Acquire Chemring Marine from Chemring
Group PLC
PR Newswire
NEW YORK, June 6, 2012
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.