Drew Marine to Acquire Chemo Hellas, S.A., A Provider of Marine Consumables
July 2, 2020
Naugatuck, CT USA, July 2, 2020: Drew International, parent company of Drew Marine, a leading provider of consumable chemicals and equipment to the global shipping industry, executed an agreement to acquire all outstanding, ordinary, registered shares of CHEMO Hellas, SA, a niche marine chemical provider headquartered in Skaramagas, Athens, Greece.
The transaction will bring CHEMO's successful products, notable highly regarded tank cleaning chemistry and related equipment, into Drew's existing product lines, extending Drew's offerings to virtually all ocean-going consumable needs. The CHEMO brand will continue under Drew’s stewardship.
CHEMO was founded in 1980 and has developed a well-deserved reputation for innovative cleaning formulations, water treatment systems, and fuel additives for compliance and efficiency. The product offerings and logistics footprint complement Drew’s business ideally, better positioning the combined entity for exceeding customer demands.
Eva Karapanagiotou, CEO of CHEMO stated; "Our family at CHEMO is thrilled to become part of Drew Marine, as we join the strong tradition Drew brings to the maritime world. Our companies fit together nicely and will provide a platform to deliver our industry-leading products to a worldwide stage. My father would be pleased to see his legacy reaching this apex, reaching business partners on a fully global scale.”
Frank Monteiro, CEO of Drew, commented; "We have been focusing our efforts around expanding the chemical formulations and value-added technical support within our marine business. Stavros Karapanagiotou was well known in the industry and the legacy that he left behind with his company CHEMO is a true success story. We know CHEMO will be a great fit within the Drew Innovation & Service platforms.”
The transaction between Drew and CHEMO closed on June 30, 2020.
Drew International/Drew Marine is a portfolio company of Court Square Capital Partners (courtsquare.com). The law firm of Berchem Moses PC, of Milford, Connecticut, USA (www.berchemmoses.com) represented Drew Marine in the transaction. Financial terms of the transaction will not be released.
About Drew International:
Headquartered in Naugatuck, CT USA, Drew International is the parent company of Drew Marine, a leading provider of technical solutions and services to the maritime industry. With a worldwide network of service engineers and a global supply chain, the company specializes in Water Treatment, Fuel Management, Shipboard Maintenance, and Welding & Refrigeration product offerings. For more information about Drew Marine and its brands, please visit Drew-Marine.com.
About CHEMO:
Founded in 1980, CHEMO manufactures and distributes high-quality chemicals to shipping and chartering companies worldwide to make every vessel operate more efficiently, in line with the strictest standards. The CHEMO mission is to help business partners keep tanks and cargo holds in top shape, support maintenance efforts with the right chemicals, and provide the most ideal water and fuel treatment for optimum operation. By providing vessels with the right mix of certified chemicals, we help vessels overcome major challenges and streamline their operation.
For other inquiries please contact:
Don Cullen, SVP of Innovation, DCullen@Drew-International.com
