Drew Marine buys Chemring maritime assets

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NEW YORK, Aug. 1 (UPI) -- Acquisition of the maritime interests of Britain's Chemring Group PLC has been completed by Drew Marine, a U.S. company owned by J.F. Lehman and Co.

Chemring's maritime businesses -- bought for about $50.2 million -- will be named Drew Marine Signal and Safety, which will supply marine distress signals, including flares, buoys, line-throwers and other rescue products.

"On behalf of all of our global employees, I am extremely pleased to formally welcome the outstanding management and employees of DMSS to the Drew Marine family," said Len Gelosa, president and chief executive officer of Drew Marine.

"The acquisition of DMSS's market leading brands and technology fits perfectly with our strategy to expand our FSR (fire, safety and rescue) capabilities and provide essential safety and rescue products to the global maritime industry."

DMSS will have its headquarters in Britain.

Drew Marine is a provider of technical solutions and services to the marine industry. Specialty areas include water treatment; fire, safety and rescue; cleaning and coatings, fuel management and sealing products.

"The acquisition of DMSS represents a major milestone for Drew Marine," said Louis Mintz of J.F. Lehman and Co., a middle-market equity firm. "DMSS is a highly complementary fit with Drew Marine and has many of the characteristics J.F. Lehman and Co.seeks in acquisition candidates -- leading market positions, blue-chip global customers, established brands synonymous with quality, recurring and regulatory-driven demand and a strong track record of performance.

"We expect to leverage all of these attributes and pursue new opportunities for growth."