Fairbanks Morse Acquires Ward Leonard

Fairbanks Morse, a portfolio company of Arcline Investment Management, has acquired Ward Leonard Operating, LLC, a provider of motor and control solutions for military applications. This acquisition will expand the scope of power and propulsion equipment and aftermarket services that Fairbanks Morse provides to its core customers, including the U.S. Navy, U.S. Coast Guard and the Canadian Coast Guard.

"The acquisition of Ward Leonard expands the Fairbanks Morse product portfolio into complementary technologies, positioning us to serve as a power systems integrator to the U.S. Navy and U.S. Coast Guard," said George Whittier, CEO of Fairbanks Morse. "Like Fairbanks Morse, Ward Leonard has an installed base across virtually every ship class, and we expect to augment its aftermarket parts and services offerings using Fairbanks Morse’s extensive shop and field service capabilities."
 
Ward Leonard has supplied the U.S. Navy for more than 125 years and today specializes in the provision of state-of-the-art motors, control components and systems integration solutions for surface, subsurface and land-based applications. Ward Leonard has approximately 150 employees based in Connecticut. In addition to Ward Leonard’s Connecticut operations, the Company also has affiliated locations in Texas and Louisiana that Fairbanks Morse will not acquire. Fairbanks Morse will retain the Ward Leonard name.

UBS Investment Bank served as financial advisor to Fairbanks Morse and Arcline.