Drew Marine acquires complete control of Chemring The supply chain for marine rescue products will be affected by a deal that recently went through. A previously announced acquisition of Chemring Group PLC's maritime interests was recently completed by affiliates of J.F. Lehman-owned Drew Marine.

Chemring was acquired for cash consideration and will now be renamed Drew Marine Signal and Safety under Drew Marine's ownership. Following the acquisition, DMSS will be a leading supplier of marine distress signals, such as handflares, manoverboard buoys, line-throwers and other products that are used for rescues.

The brands that will manufacture the rescue devices include Pains Wessex, Comet, Aurora and Oroquieta. All of the products will be manufactured in Bremerhaven, Germany; Pamplona, Spain; and Lara, Australia. Despite having different manufacturing plants, the company will continue to have a headquarters in the U.K. city of Hampshire.

"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 Len Gelosa, president and CEO of Drew Marine. "The acquisition of DMSS's market leading brands and technology fits perfectly with our strategy to expand our FSR capabilities and provide essential safety and rescue products to the global maritime industry."

Drew Marine describes itself as one of the global leaders in technical solutions and services to the marine industry. The company focuses on products in water treatment, fire, safety & rescue and refrigeration and sealing products, in addition to other services.

Financing for the acquisition was supplied by BNP Paribas Securities Corporation and mezzanine financing was provided by affiliates of Babsen Capital.

"The acquisition of DMSS represents a major milestone for Drew Marine," said Louis Mintz, partner of DMSS. "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."

Rescue products have been found to be profitable of late. Marine Products Corporation recently announced a 32.2 percent increase in net sales, proving the market is improving for the services and products the company offers.
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