M&A Deal Summary

J.F. Lehman & Company and Barings Private Equity Acquire Drew Marine

On June 22, 2009, private equity firms J.F. Lehman & Company and Barings Private Equity acquired chemicals company Drew Marine from Ashland for 120M USD

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

M&A Deal Summary
Date 2009-06-22
Target Drew Marine
Sector Chemicals
Buyer(s) J.F. Lehman & Company
Barings Private Equity
Sellers(s) Ashland
Deal Type Divestiture
Deal Value 120M USD

Target

Drew Marine

Whippany, New Jersey, United States
Drew Marine is a 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. Drew Marine is based in Whippany, New Jersey.

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Buyer(S) 2

Buyer

J.F. Lehman & Company

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 4.5B USD
Size Large
Type Sector Focused
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 45
Sector (Chemicals) 1 of 2
Type (Divestiture) 6 of 12
State (New Jersey) 1 of 1
Country (United States) 13 of 41
Year (2009) 1 of 2
Size (of disclosed) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-06-02 Hawaii Superferry

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 Private Equity

Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 5.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Barings Private Equity is the private equity arm of global asset management firm Barings. The Group looks to invest in mezzanine, distressed, and other private equity transactions including secondaries and funds. Sectors of interest include manufacturing, business services, distribution, consumer products, consumer services, food products, packaging, and healthcare. Barings Private Equity was originally established in 1991 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 7 of 53
Sector (Chemicals) 1 of 3
Type (Divestiture) 2 of 3
State (New Jersey) 2 of 5
Country (United States) 7 of 48
Year (2009) 2 of 3
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-04-28 apexanalytix

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
2009-11-19 Precision Wire Components

Tualatin, Oregon, United States

Precision Wire Components (PWC) designs and produces high precision medical wires and supporting components that are used in a wide variety of minimally invasive medical procedures.

Buy -

Seller(S) 1

SELLER

Ashland

Wilmington, Delaware, United States
Category Company
Founded 1924
Sector Chemicals
Employees3,800
Revenue 2.2B USD (2023)
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. Ashland was founded in 1924 and is based in Wilmington, Delaware.

DEAL STATS #
Overall 2 of 14
Sector (Chemicals) 1 of 10
Type (Divestiture) 2 of 12
State (New Jersey) 1 of 2
Country (United States) 2 of 14
Year (2009) 1 of 1
Size (of disclosed) 6 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-11 Hercules

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

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
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