Drew Marine Funded to Acquire Chemring’s Rescue Division

Press Release
Thursday, August 30, 2012

Babson Capital provides US$12-million In subordinated debt to support Drew Marine acquisition of Chemring Marine Group’s Rescue Division.

Babson Capital Management LLC, a global investment manager with $149 billion in assets under management and operations on four continents, announce it provided $12 million in mezzanine debt to support Drew Marine LLC’s acquisition of the Chemring Marine Group’s Rescue Division.

Under Drew Marine’s ownership, Chemring’s Rescue Division will be renamed Drew Marine Signal and Safety. Drew Marine Signal and Safety is the world’s leading supplier of marine distress signals to the commercial shipping and leisure markets. The Company’s products are marketed under established brand names including Pains Wessex, Comet, Aurora and Oroquieta.

“We were pleased to partner with the Babson Capital team on Drew Marine’s Chemring acquisition, which marks the fourteenth co-investment by Babson Capital in a J.F. Lehman portfolio company since 1992,” said Louis Mintz, Managing Partner of J.F. Lehman & Company. “The team’s deep experience in middle-market financing, responsiveness and partnership approach made Babson Capital a valuable asset on this transaction.”

 

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Petrobras Downgrade Shakes Market

Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive,

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Davie Building LNG-powered Ferries

Canadian shipbuilder Davie held a keel laying ceremony for MV Armand-Imbeau II, marking the beginning of the hull assembly for this first of two sisterships under

Finance

Petrobras Downgrade Shakes Market

Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive,

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Some Roads Reopened in Brazil, Truck Strike Persists

Striking truckers lifted their blockade of dozens of highways in Brazil after police began fining and arresting protesters, though strike organizers said they had

Maritime Safety

Somali Pirates Release Long-held Hostages

Somali pirates have freed four Thai nationals seized from a fishing vessel at sea in 2010, ending the longest-running hostage drama in the Horn of Africa state, the United Nations said on Friday.

Some Roads Reopened in Brazil, Truck Strike Persists

Striking truckers lifted their blockade of dozens of highways in Brazil after police began fining and arresting protesters, though strike organizers said they had

ClassNK Updates Guidelines for Floating Offshore Facilities

ClassNK released a new version of its Guidelines for Floating Offshore Facilities for LNG/LPG Production, Storage, Offloading and Regasification.   Available on the ClassNK website,

Mergers & Acquisitions

NMM lines up Box Buy

Navios Maritime Partners L.P. (NMM) an international owner and operator of container and drybulk vessels, announced today that it has secured, for no consideration,

SpeedCast Acquires Geolink Satellite Services

SpeedCast International Limited announced the acquisition of Geolink Satellite Services, part of the CETel Group. The closing of the transaction is subject to regulatory approval.

Tenaga Raises Offer Price for Port Operator

Tenaga Nasional Bhd , Malaysia's largest power group, said on Wednesday it has raised the takeover price for Integrax Bhd by 18.2 percent after a leading shareholder

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Salvage Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2404 sec (4 req/sec)