Elkhart-based Lippert Components Inc. has announced plans to add a United Kingdom-based marine equipment supplier to its portfolio. The company has made an initial cash offer of more than $42 million to acquire Lewmar Marine Ltd. as part of an agreement with Lewmar’s board of directors.
The acquisition remains subject to approval by Lewmar shareholders and the Scottish Court. LCI says it has received pledges from Lewmar shareholders representing nearly 81 percent of existing shares to vote in favor of the deal.
"Lewmar is a highly respected brand within the global leisure marine industry with a strong and well-regarded leadership team," said Jason Falk, vice president of mergers and acquisitions for LCI. "We believe that the integration of Lewmar will be well organized and will achieve great synergies. Following completion of the acquisition, (Lewmar Managing Director) Peter Tierney will have managerial responsibility for both the Lewmar and Trend UK businesses."
Lewmar designs, manufactures, and distributes a variety of components for yachts, sailboats and powerboats, such as anchoring systems, decking products and steering systems. The company also operates a sales and distribution facility in Connecticut.
LCI says it plans to close the acquisition upon approval by Lewmar shareholders and the Scottish Court, though an estimated timeline for those approvals was not given.