Author: Nichols Martin|| Date Published: January 6, 2021
Fairbanks Morse has purchased naval motor and control technology provider Ward Leonard Operating for an undisclosed sum to expand power generation equipment and aftermarket service offerings in the military sector.
Connecticut-based Ward Leonard will continue to operate under its current name and the acquisition does not include affiliated locations in Louisiana and Texas, Fairbanks Morse said Tuesday.
George Whittier, CEO of Fairbanks Morse, said he expects the deal to build the company's status as a power systems integrator for the U.S. Navy and Coast Guard.
Whittier added that both companies have complementary systems and installed bases across multiple ship classes.
UBS Investment Bank acted as financial adviser to Fairbanks Morse and its private equity owner Arcline Investment Management on the transaction.
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