LCI Industries announced that its wholly-owned subsidiary Lippert Components Inc. (LCI), has reached an agreement with the board of directors of Havant, U.K.-based Lewmar Marine Limited on the terms of a recommended cash offer for Lewmar by LCI, pursuant to which LCI would acquire the entire share capital of Lewmar.
According to a news release, LCI’s offer will be presented to Lewmar’s shareholders and, as required by Scottish law, the Scottish Court for approval. At the time of announcement, LCI has received pledges from Lewmar shareholders representing approximately 80.7% of existing shares to vote in favor of the acquisition. LCI plans to close on the transaction upon approval by the shareholders and Scottish Court.
Founded in 1946, Lewmar has grown to be a premier suppliers of leisure marine equipment for yachts, sailboats, and powerboats. 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 would bolster both company’s respective end markets, product offerings, manufacturing capabilities, as well as geographic reach, helping to serve customers better.
Peter Tierney, managing director of Lewmar, commented, “This is an exciting opportunity for Lewmar and represents the best strategic 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 realize value from this acquisition.”
“Lewmar is a highly respected brand within the global leisure marine industry with a strong and well-regarded leadership team,” said Jason Falk, vice of Mergers and Acquisitions for LCI. “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.”
LCI President and CEO Jason Lippert noted, “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. 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.”