Fairbanks Morse Acquires Ward Leonard

Acquisition expands Fairbanks Morse’s aftermarket services for military customers

BELOIT, Wis.--(BUSINESS WIRE)--Fairbanks Morse, a portfolio company of Arcline Investment Management (“Arcline”), has acquired Ward Leonard Operating, LLC (“Ward Leonard” or the “Company”), a leading provider of motor and control solutions for military applications. This acquisition will expand the scope of power and propulsion equipment and aftermarket services that Fairbanks Morse provides to its core customers, including the U.S. Navy, U.S. Coast Guard and the Canadian Coast Guard.

“The acquisition of Ward Leonard expands the Fairbanks Morse product portfolio into complementary technologies, positioning us to serve as a power systems integrator to the U.S. Navy and U.S. Coast Guard,” said George Whittier, CEO of Fairbanks Morse. “Like Fairbanks Morse, Ward Leonard has an installed base across virtually every ship class, and we expect to augment its aftermarket parts and services offerings using Fairbanks Morse’s extensive shop and field service capabilities.”

Ward Leonard has supplied the U.S. Navy for more than 125 years and today specializes in the provision of state-of-the-art motors, control components and systems integration solutions for surface, subsurface and land-based applications. Ward Leonard has approximately 150 employees based in Connecticut. In addition to Ward Leonard’s Connecticut operations, the Company also has affiliated locations in Texas and Louisiana that Fairbanks Morse will not acquire. Fairbanks Morse will retain the Ward Leonard name.

“Through our engineering expertise and industry-leading maintenance and repair services, Ward Leonard has built a strong reputation by focusing on reducing total system costs and mitigating risks for our military customers,” said Jon Carter, owner and CEO of Ward Leonard. “We were impressed with the speed, efficiency and professionalism of both the Fairbanks and Arcline teams in working towards a closing. This move will provide additional support for our customers by increasing their access to OEM products and support through Fairbanks Morse’s waterfront field service presence.”

UBS Investment Bank served as financial advisor to Fairbanks Morse and Arcline.

About Fairbanks Morse

Fairbanks Morse manufactures and services heavy-duty, medium-speed reciprocating engines under the Fairbanks Morse® and ALCO® brand names, which are used primarily in marine and power generation applications. Fairbanks Morse has been the original equipment manufacturer of its engines for over 125 years and has a large installed base for which it supplies aftermarket parts and services. Fairbanks Morse is the principal supplier of diesel engines to the U.S. Navy, U.S. Coast Guard and Canadian Coast Guard. One hundred percent of manufacturing is conducted in its U.S. based facility in Beloit, Wis., while aftermarket parts and services are delivered through its growing network of service centers strategically located around the U.S. Fairbanks Morse is a portfolio company of Arcline Investment Management. Learn more about Fairbanks Morse by visiting www.fairbanksmorse.com.

About Ward Leonard

For more than 125 years, Ward Leonard has provided industry-leading electric motor, generator, control, and service solutions for critical Naval, commercial marine, energy, and industrial applications worldwide. Ward Leonard’s unmatched engineering expertise and maintenance and repair services help customers increase uptime, reduce cost, and mitigate risk in the most demanding environments. Ward Leonard offers a core set of electric motors and control systems that are used in many applications for the U.S. Navy. Today, Ward Leonard is a trusted name for powering heavy industry and defense, having played a key role in the development of electrical equipment such as motor controllers, generators, motors, and related rotary and linear electrical, electro-mechanical, and mechanical equipment for use in some of the most extreme environments on earth. Learn more by visiting www.wardleonard.com.