Drew Marine Funded to Acquire Chemring’s Rescue Division
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.”