M&A Deal Summary

J.F. Lehman & Company and Barings Acquires Drew Marine

On June 22, 2009, private equity firm J.F. Lehman & Company and Barings LLC acquired chemicals company Drew Marine, Inc. from Ashland Global Holdings Inc. for 120M USD

Acquisition Highlights
  • This is J.F. Lehman & Company’s 1st and Barings’ 1st transaction in the Chemicals sector.
  • This is J.F. Lehman & Company’s 5th and Barings’ 1st largest (disclosed) transaction.
  • This is J.F. Lehman & Company’s 13th and Barings’ 7th transaction in the United States.
  • This is J.F. Lehman & Company’s 1st and Barings’ 2nd transaction in New Jersey.
Investment Fate
  • Drew Marine was sold to a financial buyer in 2013.
  • Drew Marine was sold to a financial buyer in 2019.

M&A Deal Summary

Date 2009-06-22
Target Drew Marine, Inc.
Sector Chemicals
Buyer(s) J.F. Lehman & Company
Barings LLC
Sellers(s) Ashland Global Holdings Inc.
Deal Type Divestiture
Deal Value 120M USD

Target

Drew Marine, Inc.

Whippany, New Jersey, United States
website
Drew Marine Global Holdings is an independent global manufacturer and provider of advanced performance chemicals and safety solutions to virtually every sector of the international maritime and offshore markets. Drew Marine has 100 distribution locations in more than 50 countries.

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Buyer(S) 2

Buyer

J.F. Lehman & Company

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 900M USD
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

JF Lehman is a specialist private equity firm that targets investments in the defense, aerospace and maritime industries. JF Lehman looks for lower middle-market company opportunities with established products but that not may not be realizing their full potential. The Firm will only consider control based investment situations. J.F. Lehman was formed in 1992 and has offices in New York, London, and Washington DC.


DEAL STATS #
Overall 14 of 41
Sector (Chemicals) 1 of 2
Type (Divestiture) 6 of 12
State (New Jersey) 1 of 1
Country (United States) 13 of 37
Year (2009) 1 of 2
Size (of disclosed) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-06-02 Hawaii Superferry, Inc.

Honolulu, Hawaii, United States

Hawaii Superferry, Inc. is a provider of high-speed interisland ferry service among the Hawaiian Islands.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-06-30 Defense Venture Group

Indian Land, South Carolina, United States

Defense Venture Group is a designer and manufacturer of innovative force protection systems and products. DVG is a holding company with two principal operating businesses: (i) Indigen Armor, which designs and manufactures low-profile, purpose-built armored vehicles and (ii) ArmorLine, which develops and manufactures force protection products, including armored vehicle extraction devices and transparent ceramic Spinel. Defense Venture Group was founded in 2004 and is based in Indian Land, South Carolina.

Buy -
Buyer

Barings LLC

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1955
PE ASSETS 288.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Babson Capital is an investment management and advisory firm based in Boston, Massachusetts. In addition to its other investment vehicles, Babson invests in mezzanine, distressed, and private equity transactions. Babson targets potential transactions valued between $50 and $300 million. The Firm commits between $10 and $40 million for mezzanine capital needs and between $3 and $15 million for private equity investments. Sectors of interest include manufacturing, business services, distribution, consumer products, consumer services, food products, packaging, and healthcare. Babson will consider opportunities in the US, Europe, and Asia.


DEAL STATS #
Overall 7 of 52
Sector (Chemicals) 1 of 3
Type (Divestiture) 2 of 3
State (New Jersey) 2 of 6
Country (United States) 7 of 47
Year (2009) 2 of 4
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-04-28 apexanalytix LLC

Greensboro, North Carolina, United States

apexanalytix is a provider of supplier management, audit, recovery, and compliance software, and services. apexanalytix was founded in 1988 and is based in Greensboro, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-10 Barracuda Group Ltd

Marlow, United Kingdom

Barracuda Group is a national operator of pubs and bars, and is one of the top ten largest managed pub operators in the UK, with four distinct brands; Smith and Jones, Varsity, Barracuda Bar and Juniper Inns.

Buy -

Seller(S) 1

SELLER

Ashland Global Holdings Inc.

Covington, Kentucky, United States

website


Category Company
Founded 1924
SectorChemicals
Employees4,200
Revenue 2.3B USD (2020)
DESCRIPTION

Ashland is a global specialty chemicals company. Ashland has three reportable segments: Specialty Ingredients, Performance Materials and Valvoline. Specialty Ingredients is a global provider of cellulose ethers, vinyl pyrrolidones and biofunctionals. Performance Materials is composed of two divisions: Composites and Intermediates/Solvents. Performance Materials is a global provider of unsaturated polyester resins and vinyl ester resins. The business unit has positions in gelcoats, maleic anhydride, butanediol, tetrahydrofuran, N-Methylpyrrolidone and other intermediates and solvents. Valvoline is a worldwide producer and distributor of premium-branded automotive, commercial and industrial lubricants and automotive chemicals. Ashland was formed in 1924 and is based in Covington, Kentucky.


DEAL STATS #
Overall 2 of 11
Sector (Chemicals) 1 of 9
Type (Divestiture) 2 of 9
State (New Jersey) 1 of 1
Country (United States) 2 of 11
Year (2009) 1 of 1
Size (of disclosed) 6 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-11 Hercules, Inc.

Wilmington,, Delaware, United States

Hercules, Inc. is a manufacturer and marketer of chemicals used for making a variety of products for the home, office and industrial markets.

Buy $3.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-28 Pinova, Inc.

Brunswick, Georgia, United States

Pinova, Inc. is a manufacturer of specialty chemical products derived from pine trees and citrus fruit peels. Pinova produces rosin and terpene based resins that are used in a wide range of specialty applications around the world, including food and beverage, adhesive, construction and agriculture.

Sell $75M