June 18, 2019

LCI IndustriesLCI Industries (NYSE: LCII) has announced that its wholly-owned subsidiary Lippert Components, Inc. (“LCI”), a supplier of a broad array of highly engineered components for the leading original equipment manufacturers ("OEMs") of leisure vehicles and mobile transportation, and the related aftermarkets of those industries, has reached an agreement with the board of directors of Lewmar Marine Limited (“Lewmar”), a supplier of leisure marine equipment, headquartered in Havant, United Kingdom, on the terms of a recommended cash offer for Lewmar by LCI, pursuant to which LCI would acquire the entire share capital of Lewmar. LCI’s offer will be presented to Lewmar’s shareholders and, as required by Scottish law, the Scottish Court for approval. Sales of the soon-to-be-acquired business for the twelve months ending December 2018 were approximately £55 million. LCI’S initial cash offer is approximately £33.286 million, or approximately 143.65 pence per share, and allows for additional consideration up to £2.5 million, or approximately 10.79 pence per share. 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 one of the world’s 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 UK, Lewmar also operates a sales and distribution facility in Guilford, Connecticut. 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, VP of Mergers and Acquisitions for LCI. Falk continued, “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. We believe that the integration of Lewmar will be well organized and will achieve great synergies. Following completion of the acquisition, Peter Tierney will have managerial responsibility for both the Lewmar and Trend UK businesses.”

“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 & President of LCI. Continued Lippert, “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. LCI’s capabilities and experience play well into Lewmar’s market. I have the utmost trust in Peter to grow and lead this business in Europe. I am really excited to see the positive effect that our combined leadership team will have on our global marine efforts.”

Featured Articles

  • Prev
Recently, I was at Toronto's Outer Harbour Marina with Gautier Peers, Sales Manager for Seabin at ...
As boaters we all have a very unique connection to the water and all the opportunities it presents. ...
Over 30 years ago, Bill Daniell, President of Kaitlin Corporation had a vision to create a ...
The International BoatBuilders’ Exhibition and Conference (IBEX), announced today the details ...
The American Boat and Yacht Council (ABYC) is hosting their first “Marine Service ...
Announced on June 18, the exciting new Mercury Racing 450R outboard is purpose designed to bring ...
PORTS The Cruising Guides have been acquired from Metroland Printing Publishing & Distributing ...
Orillia’s Spring Boat, Cottage & Outdoor Show at the Port of Orillia and waterfront parks, Lake ...
Seattle’s 41st annual Lake Union Boats Afloat Show gets underway on Thursday, September 12 and ...
The Boating Ontario team would like to thank all those who participated and contributed to this ...

THE KAITLIN CORPORATION CELEBRATES GRAND OPENING OF THE BOWMANVILLE MARINA

 

Kaitlin Marine CorpStory: Greg Nicoll

Over 30 years ago, Bill Daniell, President of Kaitlin Corporation had a vision to create a series of master-planned resort style communities in Clarington Ontario. On June 19th was the Grand Opening Celebration of the Bowmanville Marina, (formerly known as the Port Darlington Marina) now owned by The Kaitlin Corporation.

There has been a great deal investment in the marina with the complete refurbishment of the Inns and suites, restaurant and event space with a capacity to host 30 to 300 people to suit a wide range of events. 

Read more about Bowmanville Marina............

 

Marine Products

  • Prev
A new, powerful WASSP F3X professional multibeam sonar package has been released for fisherman and ...
Minor leaks in pontoons are common but left unattended, the accumulated weight decreases boat speed ...
Lowrance, a world-leader in fishing electronics since 1957, announced the next step in Lowrance’s ...
Furuno USA has announced a software update for NavNet TZtouch2 that enables use of the popular CMOR ...
MotorGuide has announced the introduction of two new revolutionary and industry-leading trolling ...
With the new Carbon model, SUNBEAMsystem offers a resilient solar panel with a very quick and ...
Oceanic Systems (UK) Ltd has gained huge success following Raymarine's latest LightHouse ...
As first serial yacht manufacturer worldwide, German HanseYachts AG from Greifswald presents in ...
Few tasks on a boat can be as frustrating as trying to open a tightly-sealed deck plate with bare ...
Rancho Santa Margarita, CA - Forespar has just introduced a new smaller size version of their ...

People

  • Prev
Navico, parent company to the Lowrance®, Simrad®, B&G® and C-MAP® brands has announced that its ...
George Armendariz, CEO of Groupe Beneteau Americas, announced today the appointment of Yannick ...
According to the Minneapolis Star Tribune on April 10 2019, Irwin Jacobs and his wife were found ...
Co2 Inflatables is pleased to announce that Jason Edwards, formerly of Grand/Gala Marine, will be ...
Marine electronics pioneer Darrell Lowrance, 80, passed away Saturday morning after suffering a ...
Extremely popular and well respected for leading the reemergence of Iconic Marine's three ...