Mon, 06 May 2024 | DIVISION SALE
Tekmar Group, a Darlington-based supplier of technology and services to the global offshore energy industry, has disposed of Subsea Innovation Limited in a £1.9 million deal as part of its plan to strengthen its performance and financial position.
Subsea Innovation provides subsea products and engineering consultancy to the energy industry, with a particular focus on the oil and gas sectors. The company reported an adjusted EBITDA loss of £1.4 million in its 2023 financial year and had net assets valued at £1.4 million.
The company has now been sold by Tekmar Group to Unique Group, via its subsidiary Unique System (UK) Limited. After the sale, 38 staff will transfer to the buyer, but Tekmar Group will retain Innovation House, the Darlington premises previously occupied by Subsea Innovation and recently valued at £2.8 million.
The sale proceeds will support Tekmar’s investment programme, as it seeks to drive near-term growth, as well as for the group’s general working capital purposes.
Tekmar CEO Alasdair MacDonald said: "The disposal of SIL reflects our strategic focus on strengthening Tekmar's performance and financial position through efficient resource allocation and portfolio management.”
“SIL has an established reputation in the energy industry and we are particularly pleased for SIL's employees and customers that they can look forward to realising its full potential under the ownership of Unique.”
MacDonald added that Tekmar was continuing to execute its strategy of driving profitable organic growth across its portfolio, while complementing this through targeted M&A.
MacDonald continued: “The disposal supports this objective. We also reiterate our expectations for FY24 to be a year of profit improvement for the business with the group having delivered adjusted EBITDA profit in the first half in line with management's expectations."
Carve-outs, disposals of non-core assets and bolt-on acquisitions have become increasingly prominent over recent years
This is an exciting prospect to acquire a well-established heavy and precision engineering business serving both UK and European markets.
Opportunity to acquire a renowned mechanical and electrical company in Hampshire known for its commitment to excellence and industry trust.
This well-established engineering company in South Somerset boasts an excellent reputation and a loyal workforce, offering a comprehensive range of in-house manufacturing solutions that cover both machining and welding.
24
|
May
|
The Cricketer magazine up for sale | BUSINESS SALE
A century-old cricket publication at strategic crossroads T...
23
|
May
|
Post-production house set to be acquired after entering administration | ADMINISTRATION
LipSync, a post-production house and film equity investor ba...
23
|
May
|
Cost management specialist to target M&A after securing PE investment | BUSINESS NEWS
Kent-based cost management specialist ERA Group is set to ta...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.