Bestport Private Equity, the entrepreneurial investors in fast growing, cash generative UK companies, is pleased to announce the sale of investee company Lewmar Marine (“the Company”) to Lippert Components, Inc, a subsidiary of NYSE-quoted LCI Industries. Lewmar based in Havant, Hampshire, is a leading player in the provision, manufacture and supply of marine equipment. The Company produces a wide range of products for sailing and power boats.
Bestport first invested in Lewmar in April 2014 alongside Shackleton Ventures to provide growth capital to facilitate the design and launch of new products, helping the business to open up new markets and expand.
Over the last five years, under guidance from Bestport, the Company has grown its revenues by over 50% to £56.2 million with EBITDA growing by over 200% to £5.3 million. The sale represents an IRR of 41% for Bestport investors, who will receive a return of 6.1x their original funds invested.
Founded in 1946, Lewmar is a global leader in the design and manufacture of high quality products and integrated solutions for the international leisure marine industry. Lewmar designs, manufactures and distributes a wide range of components including anchoring systems, hatch and port light solutions, powered and manual glazing systems, sail control winches and hardware, docking products and steering systems.
James Stoddart, founding Partner of Bestport commented:
“ We only back experienced management teams and Lewmar is an excellent case in point. We saw that the Company was an exceptionally well recognised and trusted brand in the marine market and that under the leadership of Peter Tierney there was an opportunity to expand and develop the business and its range of products. Peter and his management team have done a fantastic job in building a market leading marine products business. We are delighted with the sale and the return to our investors and I am sure the business will continue to thrive under the ownership of LCI Industries.”
Bestport Private Equity is an independent and entrepreneurial provider of private equity funding to support MBOs and accelerated organic growth opportunities. Bestport invests up to £10 million of equity to support fast growing UK based businesses.