LCI to buy Lewmar Marine
Lewmar Marine is to be bought by US-based Lippert Components after the board of directors agreed to a cash offer of £33.29m.
The offer from LCI, of which Lippert Components is a subsidiary, has the backing of shareholders holding four fifths of the company’s shares, but is yet to be formally agreed by all shareholders and the Scottish court.
Peter Tierney, Lewmar MD, said the deal is the best option for Lewmar and its employees. “The acquisition fairly reflects Lewmar’s current market position and prospects and, as such, Lewmar shareholders should be given the opportunity to realise value from this acquisition,” he said.
Strong US presence
Founded in 1946, Lewmar Marine is a world-wide supplier of leisure marine equipment for yachts, sailboats and powerboats. This will be the company’s second stint under American ownership; it was previously part of International Marine Industries in the 1980s and still has a strong US presence with a sales and distribution facility in Connecticut.
LCI operates across more than 65 facilities located in the US, Canada, Italy, Ireland and the UK with annual sales of US$2.5bn in 2018. Once the acquisition is finalised, Peter Tierney will continue to head up the business from its headquarters in Havant in the UK and will also take on added managerial responsibility for Trend Marine Products which LCI acquired last year when it bought the Taylor Made Group.
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