LCI Industries has announced that its subsidiary Lippert Components Inc., has reached an agreement with the board of directors of Lewmar Marine Limited to purchase the marine accessories manufacturer based in Havant, United Kingdom.
According to Yahoo! Finance, LCI’s offer will be presented to Lewmar shareholders, and as required by Scottish law, the Scottish Court for approval. Lewmar sales for 2018 were approximately $70 million (£55 million) and LCI’s initial cash offer is about $42.4 million (£33.286 million). At the time of the announcement, LCI has reportedly received pleases from Lewmar shareholders representing about 80.7 percent of existing shares to vote in favor of the acquisition.
Founded in 1946, Lewmar manufactures products for sail and powerboats including anchoring systems, hatches, port lights, glazing systems, decking products and steering systems. In addition to its headquarters in the UK, Lewmar operates 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,” Peter Tierney, managing director of Lewmar, said in a statement. “The acquisition fairly reflects Lewar’s current market position and prospects, and as such, Lewmar Shareholders should be given the opportunity to realize value from this acquisition.”
Added Jason Falk, vice president of mergers and acquisitions for LCI, “Lewmar is a highly respected brand within the global leisure marine industry with a strong and well-regarded leadership team. I have enjoyed getting to know the Lewmar team through the acquisition process and believe that they align with LCI’s core values, which is something that we strongly consider when making any acquisition.” Falk said that Tierney will have managerial responsibility for the Lewmar and Trend UK businesses.
Jason Lippert, CEO & president of LCI said the acquisition of Lewmar lets LCI continue its growth strategy on a global level. “This is our sixth acquisition within the global leisure marine market, as well as our sixth acquisition in Europe. All of this points to our strategy to be a significant player in the global marine, rail and caravan markets domestically and in Europe. LCI’s capabilities and experience play well into Lewmar’s market. I have the utmost trust in Peter to grow and lead this business in Europe.”