January 2021 –Martin LLP is pleased to announce that its client, Ward Leonard Operating, LLC (“Ward Leonard”) was acquired by Fairbanks Morse, a portfolio company of Arcline Investment Management (“Arcline”.) Ward Leonard is 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.
Martin LLP acted as legal counsel to Ward Leonard and its equity holders.
For more than 125 years, Ward Leonard has supplied the U.S. Navy 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 operations in Texas and Louisiana serving the oil and gas industries that were retained by Ward Leonard’s owners and were not acquired by Fairbanks Morse. 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.”
Mr. Carter added: “Martin LLP and has been our legal counsel for over 10 years. Their high level of professionalism, M & A expertise and sophistication have served us very well over the years and are also what made the speed and success of the Fairbanks transaction possible.”
Carter Morse & Goodrich served as exclusive financial advisor to Ward Leonard and its equity holders. UBS Investment Bank served as financial advisor to Fairbanks Morse and Arcline.
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.
About Martin LLP
Martin LLP is a trusted advisor to local and national clients on corporate, litigation, and real estate matters. As a sophisticated law practice, we are particularly valued for our relationships with growth companies and their private equity and venture capital investors. With a proactive approach, we partner with our clients, anticipating their needs and providing practical advice focused on maximizing the value of their business opportunities.
