An international company has acquired Lewmar Marine Limited, a United Kingdom-based leisure marine equipment supplier that operates a sales and distribution facility in Guilford.
Lippert Components Inc. (LCI) announced its acquisition of Lewmar this week. LCI is based in Indiana and supplies components to the recreational vehicle industry, including for buses, boats, trains and modular housing. It has more than 65 facilities in the United States, Canada and Europe.
LCI had submitted an offer to purchase Lewmar, and Lewmar’s shareholders recently approved the deal. LCI’s accepted cash offer was approximately £33.286 million (about $40 million U.S.), and allows for additional consideration up to £2.5 million.
Peter Tierney, managing director of Lewmar, called the acquisition an “exciting opportunity for Lewmar.”
“The acquisition fairly reflects Lewmar’s current market position and prospects, and as such, Lewmar shareholders have been given the opportunity to realize value from this acquisition,” Tierney said in an announcement.
Lewmar was founded in 1946. It supplies leisure marine equipment for yachts, sailboats and powerboats, and it manufactures and distributes components related to the marine industry, from anchors to hatches to winches. Its Guilford facility is on New Whitfield Street.
Officials for both companies indicated they expect the acquisition to result in improved customer service. They also hope the transaction will result in greater geographic reach, product offerings and manufacturing capabilities.
Jason Falk, vice president of mergers and acquisitions for LCI, said Lewmar is a “highly respected brand.”
“We believe that the integration of Lewmar will be well organized and will achieve great synergies,” Falk said.
Jason Lippert, LCI’s chief executive officer and president, said the company continues to target the marine industry for its growth efforts.
“With the acquisition of Lewmar, we are expanding this strategy to a global level,” Lippert said.
