Mon, 14 Oct 2024 | BUSINESS SALE
Hampshire-based Oceanic Systems, which designs and manufactures marine monitoring and control systems, has been acquired by marine electrical systems supplier Energy Solutions UK.
Oceanic Systems, founded in 2003 and operating out of New Milton, makes NMEA2000 based alarm, display and control systems for leisure, control and military vessels. These, including its flagship product Poseidon, allow owners to monitor engine temperature, fuel and navigation systems as well as providing flood alarms.
Kent-based Energy Solutions has been working with boatbuilders, superyacht owners and boat yards amongst others since 1996 to design and build power and control systems. It also supplies power systems to on road vehicles such as vans and off grid power systems to residential and commercial customers.
According to its most recent accounts filing to Companies House for the year ending December 31, 2023, it had a profit of £2.1 million, up from £325,000 the previous year. Turnover was £24.1 million, up from £12.8 million.
Energy Solutions said the acquisition would further enhance its marine technology offerings and ‘advance its digital leadership’ within the boat-building and marine manufacturing sectors.
“By acquiring Oceanic, we have strengthened our portfolio of monitoring solutions, particularly as our involvement in Marine Hybrid propulsion systems grows. Oceanics’ have a number of world class products including the Poseidon system which is a key asset in providing sophisticated monitoring solutions,” said Paul Holland, Managing Director and founder of Energy Solutions. “We look forward to welcoming and working with the Oceanics’ team and combining their expertise with our own in order to further improve the offering and product range that we can provide our clients with."
Oceanic Systems will continue to operate as a stand-alone business, with its 15 employees integrated into Energy Solutions' operations.
Energy Solutions were advised on the deal by national law firm Penningtons Manches Cooper and Oaklins M&A Advisory.
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