Drew Marine Completes Acquisition of Chemring Marine

(Press Release)
Tuesday, July 31, 2012

Affiliates of Drew Marine (Drew Marine) completed 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.

 
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

China COSCO to be First through the Expanded Panama Canal

China COSCO Shipping has won the draw for its container vessel Andronikos to make the ceremonial first transit through the Expanded Panama Canal during the waterway’s inauguration on Sunday, June 26.

Sellick Equipment to Open New Facility

On April, 20, 2016, at the young age of 97 years, Walter Sellick along with sons Howard Sellick - President, David Sellick - Vice President and grandson Colin Sellick - Systems Manager,

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

Contracts

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

EU Clears CMA CGM, NOL Merger, with Conditions

The European Commission said on Friday it had cleared French shipping group CMA CGM's $2.4 billion takeover of Neptune Orient Lines on condition that NOL pulls out from a rival shipping alliance.

How France Sank Japan's Sub Dream

Ousting of Japan ally PM Abbott opened door to rivals; Tokyo slow to respond to new competitive process. In 2014, a blossoming friendship between Australian

Finance

MARAD: $5 Mln Available for Marine Highway Projects

The Maritime Administration (MARAD) has announced the availability of $5 million in Federal funding to expand marine highway service by creating new or expanding

Baltic Index Down on Lower Capesize, Panamax Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Friday, as demand for capesize and panamax vessels fell.

Oil Rally is Not Just About Hedge Funds: Kemp

Oil prices are becoming dangerously overheated as speculators anticipate a rebalancing of supply and demand that has barely started, according to many oil analysts.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1476 sec (7 req/sec)