LCI Industries LCII, announced that its wholly-owned subsidiary Lippert Components Inc. (LCI) has completed the acquisition of Lewmar Marine Limited, a supplier of leisure marine equipment, headquartered in Havant, United Kingdom.
According to a press release, LCI previously announced that it had submitted an offer to purchase Lewmar subject to approval by Lewmar’s shareholders and the Scottish Court of Session. Lewmar’s shareholders subsequently approved the transaction and the acquisition was completed by means of a court-sanctioned scheme of arrangement.
Founded in 1946, Lewmar has grown to be a premier suppliers of leisure marine equipment for yachts, sailboats, and powerboats. Lewmar designs, manufactures, and distributes a wide range of components including anchoring systems, hatch and portlight solutions, powered and manual glazing systems, sail control winches and hardware, decking products, and steering systems. Besides their headquarters in the U.K., Lewmar also operates a sales and distribution facility in Guilford, Conn.
The boards of LCI and Lewmar believe that the acquisition will bolster both company’s respective end markets, product offerings, manufacturing capabilities, as well as geographic reach, helping to serve customers better.
“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,” said Jason Lippert, CEO and president of LCI. “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.”