MILWAUKEE – Actuant Corp. (NYSE:ATU), the parent company of Marinco and Ancor, has purchased the outstanding stock of B.E.P. Marine Ltd. for approximately $8 million plus an earn-out tied to future earnings growth, the company reported in a statement today. Funding was provided from borrowings under Actuant's revolving credit facility.
B.E.P. Marine will be part of the Actuant Recreational Group within Actuant's Tools & Supplies segment.
"B.E.P. Marine is a natural addition to the Actuant Recreational Group,” said Mark Goldstein, executive vice president of Actuant and Tools & Supplies Segment Leader. “While our Marinco products provide power from the dock to the boat, and Ancor products carry the electrical power within the boat, B.E.P. Marine's power control panels and distribution systems manage all electrical power on the boat. Its innovative new product development competencies, as well as opportunities to expand the product lines offered by the Actuant Recreational Group, make this an attractive acquisition for Actuant.”
Goldstein added that B.E.P.’s current directors – Ross Pratt, Mark Raines, and Chris Wilkins – and their team are joining the Actuant Recreational Group management team, reporting to Marty O'Donohue, Actuant Recreational Group Leader.
B.E.P. Marine, based in Auckland, New Zealand, generated approximately $10 million of sales in the last twelve months and employs approximately 70 associates. It sells AC and DC control panels, digital monitoring systems, battery switches and battery distribution products, waterproof switch panels, and gas detectors primarily to original equipment manufacturer (OEM) boat builders and the marine aftermarket. No other financial terms are being disclosed.
- For more of the latest news, click here.