UK-based propeller and sterngear specialist CJR Propulsion has acquired the commercial assets and intellectual property of stainless steel fabricator Oval Stainless for an undisclosed cash sum. The agreement includes the transfer of all employees.
"Oval Stainless’ assets are an excellent strategic fit for CJR and we are delighted to have finalised this significant acquisition in such a short space of time,” says managing director Mark Russell. “The integration of Oval’s intellectual property and physical assets instantly strengthens CJR’s value proposition in the marine sector and enables us to bring the production of high quality deck gear and stainless sterngear in-house for the first time.”
The acquired assets and retained staff will form part of the newly established CJR Fabrication, bolstering the Hampshire based business’ current product line-up and providing new opportunities within the marine sector.
Oval Stainless produces stainless steel products for a wide range of applications within the commercial and domestic arena, including oval and round tube, bespoke furniture, interior and exterior design, as well as marine, tanks and architectural equipment.
“In the last five years CJR has made a conscious effort to diversify its offering and today we boast extensive experience in a wide range of consultancy services; in addition to our advanced manufacturing capabilities,” adds Russell. “The inclusion of Oval’s assets continues to build on this strategy and significantly extends the value of CJR to boatbuilders across the marine sector.”
CJR Propulsion designs and manufactures shafts, propellers, rudders and other associated sterngear from its base in Southampton. The acquisition of Oval Stainless is subject to typical closing conditions, with completion expected by the end of February 2014.