Equistone buys ChartCo from ECI for £55m

ECI spun out the business from parent company Kelvin Hughes Group in the partial exit, as the parent remains backed by ECI.

Equistone's partners Tim Swales and Sam Breuning will join the company's management board following the buyout.

According to a statement, the company plans to use the fresh capital to boost its expansion both organically and through strategic acquisitions.

Previous funding
ECI acquired ChartCo as part of the navigational products specialist Kelvin Hughes in a £52m MBO from Smiths Group in November 2007. During the holding period, the GP supported the company's expansion through acquisitions, including Reg4Ships in September 2014.

Company
The company was founded in 1998 as part of the Smiths Group. It provides digital navigation and voyage compliance services to the marine industry, including navigational data, nautical charts and marine technical publications. The company claims to have a market share of around 30% and 12,000 vessels among its clients.

Headquartered in London, the business has offices across the UK, France, the Netherlands and Singapore, and employs a staff of 170. In 2015, it reported a turnover of £40m.

People
Equistone Partners Europe – Tim Swales (partner).
ECI Partners – Lewis Bantin (partner).
ChartCo – Martin Taylor (managing director).

Advisers
Equity – Parthenon-EY (commercial due diligence); PwC (financial due diligence); Marlborough Partners (debt); KPMG (tax); Travers Smith (legal).
Vendor – KPMG (corporate finance); PwC (financial due diligence); Parthenon-EY (commercial due diligence); Goodwin Procter (legal).

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• Topics
• Buyouts
• Industrials
• UK / Ireland
• United Kingdom
• ECI Partners
• Equistone Partners Europe