Marine

Markel Ventures Acquires IDRECO

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Markel Corporation announced today that its portfolio company Ellicott Dredge Enterprises, through its subsidiary Rohr International Dredge, has acquired IDRECO GmbH, a manufacturer of dredges.

IDRECO manufactures deep digging electrical suction and cutter suction dredges serving primarily the sand and gravel and mining sectors. The company is based in Heerenberg, The Netherlands (www.idreco.nl).

Rohr International Dredge manufactures automated floating clamshell and bucket ladder dredge systems for the sand and gravel and aggregates industries. The company is based in Mannheim, Germany (www.rohrbagger.de).

“IDRECO will complement Rohr’s bucketladder and clamshell dredge excavating technology, solidifying our position as the producer of deep digging dredges that operate at the lowest cost per ton in our industry,” said Heiko Osterchrist, Rohr’s Managing Director.

Ellicott Dredge Enterprises is one of the oldest dredging companies in the world and has been supplying dredging equipment to governments, municipalities, contractors, sand and gravel operators, port authorities, and marina operators for over 125 years. The company is based in Baltimore, MD (www.dredge.com).

“Having IDRECO as part of the Ellicott group will increase our footprint in the European market place, as well as fulfill our continuing corporate pursuit of new dredging technology solutions for all our customers worldwide,” said Ellicott’s President Peter Bowe.

Markel Ventures is a subsidiary of Markel Corporation, a financial holding company with insurance, industrial, and service operations serving a variety of niche markets. Markel Ventures was established to acquire majority control of companies with revenues from $25 million to $250 million and EBITDAs from $5 million to $50 million. Sectors of interest include diversified manufacturing; service and value-added distribution; consumer and industrial products; capital equipment; and healthcare. The firm is based in Glen Allen, VA (www.markelcorp.com).

J.F. Lehman & Company Acquires Chemring Marine

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Drew Marine, a provider services to the maritime industry and a portfolio company of J.F. Lehman & Company, has reached an agreement with Chemring Group to acquire Chemring’s maritime interests for £32 million pounds in cash. Under Drew Marine’s ownership, the business will be named Drew Marine Signal and Safety.

Chemring Marine is a supplier of marine distress signals including hand-flares, man-over-board buoys, line-throwers and other required rescue products under established brands including Pains Wessex, Comet, Aurora and Oroquieta. The company’s products are produced in Bremerhaven, Germany; Pamplona, Spain; and Lara, Australia. The business will continue to be headquartered in Hampshire, UK (www.chemringmarine.com).

Drew Marine is a provider of technical solutions and services to the marine industry specializing in water treatment, fire, safety & rescue, cleaning & coatings, fuel management, welding & refrigeration and sealing products. Drew Marine was acquired by J.F. Lehman & Company in 2009. The company is based in Whippany, NJ (www.drew-marine.com).

“The acquisition of Chemring Marine is a perfect fit with our strategy to provide essential products for safety, reliability and compliance to the global maritime industry. Like Drew Marine, Chemring Marine is known for supplying the highest quality and best performing products to the markets that we serve. The addition of these high quality brands is in keeping with Drew Marine’s philosophy of bringing the best of the market to our customers. In addition, we add a new distribution model to Drew Marine’s capabilities, which should allow us to broaden our customer base and explore additional products suitable for the Company’s global distributor network,” said Len Gelosa, President and CEO of Drew Marine.

J.F. Lehman & Company is a middle-market private equity firm focused primarily on the maritime, defense, and aerospace sectors. The firm was founded by Dr. John F. Lehman, who served six years as Secretary of the United States Navy. To date, J.F. Lehman has made investments in companies with an aggregate transaction value of approximately $1.6 billion. The firm was founded in 1992 and is headquartered in New York with additional offices in Washington, DC and London. (www.jflpartners.com).