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.
Drew Marine's Acquisition of Chemring Marine Completed
Drew Marine has completed the acquisition of the Chemring Marine business, now named Drew Marine Signal and Safety (DMSS). DMSS brings 125 new employees to Drew Marine with locations in Bremerhaven, Germany, Hampshire, UK, Pamplona, Spain, and Melbourne, Australia. DMSS is a manufacturer and supplier of pyrotechnic marine distress signals business, under recognized brands such as Comet, Pains Wessex, Oroquieta and Aurora. DMSS offers a large selection of SOLAS compliant products sold through an unparalleled distribution network in 80 countries. It also sells signal and safety products to the non-SOLAS/leisure market. Len Gelosa, Drew Marine’s President & CEO said “As a global organization…
Drew Marine Completes Acquisition of Chemring Marine
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 Acquires Chemring Marine
Affiliates of Drew Marine (“Drew Marine”) have reached a definitive agreement with Chemring Group PLC (“Chemring”) to acquire Chemring’s maritime interests (“Chemring Marine” or the “Company”) for a cash consideration of £32 million, subject to standard closing adjustments. Under Drew Marine’s ownership, the business will be named Drew Marine Signal and Safety (“DMSS”). Chemring Marine 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.
