Jordan Co buying ACR Holdings, Drew Marine Global
Jordan’s vintage 2007, Resolute Fund II listed as buyer
Deals comes as Jordan raises $1.1B for Resolute Fund III
The $3.6 billion Resolute Fund II, managed by the New York-based firm, is listed as the buyer of ACR Holdings LLC and Drew Marine Global Holdings, according to a recent Federal Trade Commission document. No price or other terms were disclosed.
Calls and emails by Buyouts to Jordan Co, ACR, Drew Marine, and J.F. Lehman were not returned.
With offices in New York, Chicago, Stamford and Shanghai, Jordan Company invests in middle-market companies with enterprise values of between $100 million and $2 billion, according to its web site.
J.F. Lehman acquired ACR Electronics, a maker of rescue beacons and safety lights for the aviation and marine industries, in July 2012, according to the New York-based private equity firm founded in 1992 by former U.S. Navy Secretary John Lehman.
J.F. Lehman acquired Drew Marine in 2009 from Ashland Inc, according to the firm’s website. Drew Marine employs about 325 people as a supplier of marine water treatment, maintenance, welding and refrigeration, fuel treatment and fire, safety and rescue products and services to ship owners, ship managers and shipyards.
Founded in 1982 by Jay Jordan II and David Zalaznick, Jordan Company appears to be near the end of deploying capital from Resolute Fund II. Last month, Jordan Company tapped the fund to buy Watchfire Technologies, which makes LED outdoor digital display products.
Resolute Fund II was generating an 8.6 percent IRR and a 1.2x multiple as of March 31, according to data from the California Public Employees’ Retirement System.
In October, The Jordan Company held a first close on $1.1 billion for The Resolute Fund III, which launched earlier this year targeting $3 billion, a person with knowledge of the firm told sister publication peHub.com.
The New Mexico Public Employees’ Retirement Association committed $45 million to The Resolute Fund III in August.