Drew Marine completes Chemring Marine acquisition
New Jersey based marine solutions and services firm Drew Marine has completed the acquisition of UK firm Chemring Group PLC's ("Chemring") maritime interests for a cash consideration of £32 million ($49.65 million) according to a press release by Drew Marine affiliates Monday, Ship & Bunker reports.
"The acquisition of Chemring Marine is a perfect fit with our strategy," Drew Marine President and CEO Len Gelosa said when the deal was announced on June 6, 2012.
The new entity, which will continue to be headquartered in Hampshire, UK, will be named Drew Marine Signal and Safety ("DMSS") and according the the statement is the world's leading supplier of marine distress signals including handflares, man-overboard buoys, line-throwers, and other required rescue products under previously established brands including Pains Wessex, Comet, Aurora and Oroquieta.
"On behalf of all of our global employees, I am extremely pleased to formally welcome the outstanding management and employees of DMSS to the Drew Marine family," said Gelosa,
"The acquisition of DMSS's market leading brands and technology fits perfectly with our strategy to expand our FSR [Fire Safety and Rescue] capabilities and provide essential safety and rescue products to the global maritime industry," he added,
Louis Mintz, Partner at parent company J.F. Lehman & Company who acquired Drew Marine in 2009 said "DMSS is a highly complementary fit with Drew Marine and has many of the characteristics J.F. Lehman & Company seeks in acquisition candidates – leading market positions, blue-chip global customers, established brands synonymous with quality, recurring and regulatory-driven demand and a strong track record of performance."
"We expect to leverage all of these attributes and pursue new opportunities for growth," he concluded.