Elysian's Tekmar announces intention to float

Kenny Wastell
05 June 2018

Tweet
Facebook
LinkedIn
Google plus
Send to

Elysian Capital-backed Tekmar Group, a provider of offshore wind cable protection systems, has announced its intention to float on the London stock exchange.

The company has pursued an organic growth strategy under Elysian's tenure with a compound annual growth rate in its adjusted EBITDA and revenues of 28.5% and 12.7%, respectively, over the past two years.

According to a statement, it generated adjusted EBITDA of £4.9m and revenues of £21.9m in the year ending in March 2018. The statement added that the company has a pipeline of actively tendered projects with a potential aggregate sales value of £68m.

The GP first invested in Tekmar via a reported £20-30m MBO in October 2011. Elysian is invested in the business via its maiden fund, which held a final close in September 2010 on £130m.

Tekmar comprises two divisions: its offshore wind farm division, which provides subsea protection for power transmission cables from and between offshore wind turbines; and its subsea division, which provides subsea protection for umbilicals and flexible pipes to the oil and gas market.

The business is headquartered in Newton Aycliffe and has additional operations in London, Hamburg, Shanghai, Boston, Singapore, Abu Dhabi and Busan.

Following the flotation, the company intends to pursue geographic expansion into the Asia-Pacific region and undertake an acquisitive growth strategy. It will also look to capitalise on the increasing number of European offshore wind farm projects and invest in product development.

Grant Thornton is acting as nominated adviser for the listing, while Berenberg is acting as sole global coordinator and broker.