Navy and Coast Guard diesel engine manufacturer Fairbanks Morse on Tuesday said it has acquired Ward Leonard Operating, a provider of merger and control solutions for military applications in a deal that expands its aftermarket services for military customers.
Terms of the deal were not disclosed.
“The acquisition of Ward Leonard expands the Fairbanks Morse product portfolio into complementary technologies, positioning us to serve as a power system integrator to the U.S. Navy and U.S. Coast Guard,” George Whittier, CEO of Fairbanks Morse, said in a statement. “Like Fairbanks Morse, Ward Leonard has an installed based across virtually every ship class, and we expect to augment its aftermarket parts and services offering using Fairbanks Morse’s extensive shop and field service capabilities.”
Fairbanks Morse’s, core customers include the Navy, Coast Guard and Canadian Coast Guard. The company is acquiring Ward Leonard’s operations in Connecticut, which have about 150 employees.
Ward Leonard supplies motors, control components and systems integration solutions for surface, subsurface and land-based applications. Fairbanks Morse said a “significant portion” of Ward Leonard’s senior management team will remain with the company.
Fairbanks Morse is based in Beloit, Wis., and is a portfolio company of Arcline Investment Management. UBS Investment Bank served as financial adviser to Fairbanks Morse and Arcline. Ward Leonard was supported on the deal by the merger and acquisition advisory firm Carter Morse & Goodrich.