CJR Propulsion said it completed an agreement to purchase all commercial assets and intellectual property from stainless-steel fabricator Oval Stainless.
The agreement also includes the transfer of all current employees.
The acquired assets and retained staff will form part of the newly established CJR Fabrication, bolstering the product lineup of the Hampshire, U.K.-based maker of precision propellers and sterngear systems and providing new opportunities in the marine sector.
"Oval Stainless’ assets are an excellent strategic fit for CJR, and we are delighted to have finalized this significant acquisition in such a short space of time,” CJR managing director Mark Russell said in a statement. “The integration of Oval’s intellectual property and physical assets instantly strengthens CJR’s value proposition in the marine sector and enables us to bring the production of high-quality deck gear and stainless stern gear in house for the first time.
“In the last five years CJR has made a conscious effort to diversify its offering, and today we boast extensive experience in a wide range of consultancy services, in addition to our advanced manufacturing capabilities. The inclusion of Oval’s assets continues to build on this strategy and significantly extends the value of CJR to boatbuilders across the marine sector. In turn, this helps consolidate our position as a highly valued and integral partner to some of the most prestigious names in the industry.”
Oval Stainless specializes in stainless-steel products for applications in the commercial and domestic arena, including oval and round tube, bespoke furniture, and interior and exterior design, as well as marine, tanks and architectural equipment.
Under the terms of the agreement, CJR Propulsion will pay an undisclosed cash sum for all assets, subject to typical closing conditions. The deal is expected to be completed by the end of February.