LCI Industries subsidiary Lippert Components completed its acquisition of U.K. marine accessories manufacturer Lewmar Marine Limited, based in Havant, Hampshire. LCI had made the offer to purchase Lewmar subject to approval by the company’s shareholders and the Scottish Court of Session. Lewmar shareholders approved the transaction, which was completed through a court-sanctioned scheme of arrangement.
For the 12 months ending in December 2018, Lewmar’s sales exceeded $66 million. The accepted cash offer was approximately $40 million and allows for additional consideration up to about $3 million.
Lewmar designs, manufactures and distributes a range of components for sail- and powerboats. It has a sales and distribution facility in Guilford, Conn.
“This is an exciting opportunity for Lewmar and represents the best strategic option for Lewmar and its employees,” Lewmar managing director Peter Tierney said in a statement. “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.”
“Lewmar is a highly respected brand within the global leisure marine industry, with a strong and well-regarded leadership team. We believe that the integration of Lewmar will be well organized and will achieve great synergies,” said Jason Falk, vice president of mergers and acquisitions for LCI.
LCI president and CEO Jason Lippert said the Lewmar acquisition was its sixth within the global leisure marine market. “The marine industry has been a continued target of growth for LCI, and with the acquisition of Lewmar, we are expanding this strategy to a global level,” Lippert said in the statement. “All of this points to our strategy to be a significant player in the global marine, rail and caravan markets domestically and in Europe.”