HAVANT, United Kingdom – Lewmar Marine plc has sold its yacht and architectural rigging subsidiary Seco South Inc. to the company’s management team, Lewmar said in a recent statement.
Navtec, Lewmar’s rigging division, acquired Florida-based Seco South as part of a merger with Norsemann Gibb in 1995. Seco South has supplied OEM rigging to many sailboat manufacturing companies in the United States for more than 25 years.
“In recent years the OEM rigging market has changed, resulting in Seco moving away from Lewmar and Navtec’s core sailing business to significantly develop the architectural rigging side of the operation,” said Peter O’Connell, Lewmar CEO.
“Conversations started earlier this year with the management team have culminated in a management buy-out this month,” O’Connell continued. “Strategically, this is the best outcome for both Seco South, its employees and Lewmar Marine. Lewmar and Seco have on-going business relationships and will continue to have a very close working association.”
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