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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Damen Responds to Evolving Fishing Practices

Maaskant Shipyards Stellendam meets fishing sector’s growing needs by performing electric pulse fishing conversions   As European fishing policies evolve, so fishing techniques advance.

Maaskant Shipyards Earns ISO 9001:2008 Certificate

Maaskant Shipyards (Stellendam), part of Damen Shipyards Group, has received certification from Bureau Veritas for aligning its quality and management systems with

Duffy Named President of Carnival Cruise Line

Christine Duffy has been named president of Carnival Cruise Line, Carnival Corporation & plc. announced today.   Duffy, currently president and CEO of Cruise Lines International Association (CLIA),

Finance

Transpacific Box Shippers Plan Freight Rate Rise

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.

Container Volumes on the Rise in South Carolina

Container volume up 13 percent at South Carolina Ports Authority; Charleston benefiting from federal appropriations    The SC Ports Authority announced another

Liebherr Expects Turnover Dip

For the 2014 business year, the Liebherr Group is currently anticipating an overall turnover of 8,866 million euros (2013: 8,964 million euros). In the area of construction machines and mining,

Maritime Safety

USCG Commandant to Address PVA Convention

Commandant of the U.S. Coast Guard Admiral Paul F. Zukunft will attend the PVA Annual Convention at MariTrends 2015 in Long Beach, Calif. and deliver a keynote

Rig Moves: Mobilized for Performance

The operation of an oil field involves moving rigs or jackups in a maneuver referred to as a rig move. These complex operations require experience and the coordination of all stakeholders.

First ShipArrestor System Delivered in Norway

Following a full product trial in New Zealand, the Norwegian Coastal Administration (NCA) has signed its acceptance of the first of two ShipArrestor systems from Miko Marine,

Mergers & Acquisitions

Vard Wins Farstad's OSCV Contract

Vard Holdings Limited (“VARD”) has secured a contract for the design and construction of one Offshore Subsea Construction Vessel (“OSCV”) for Farstad Shipping (“Farstad”).

CSL St-Laurent on Maiden Voyage

The second of Canada Steamship Lines' (CSL) two newbuild Trillium Class Great Lakes bulk carriers, CSL St-Laurent, was delivered on November 26, 2014 and set

Wärtsilä Acquires L-3 Marine Systems International

Wärtsilä Corporation is to acquire L-3 Marine Systems International from NYSE-listed L-3 Communications Holdings Inc. L-3 Marine Systems International (L-3 MSI)

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction 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: 0.1244 sec (8 req/sec)