Elysian acquires SCX Special Projects

Senior debt and working capital facilities were provided by HSBC.

Elysian bought the company via a newco and invested from Elysian Capital II, which held a final close in July 2015 on £250m. James Cunningham, partner at Elysian, told Unquote that the fund is now 80% deployed and plans to make one further platform investment.

Cunningham said the GP sourced the deal through its network in the north-east of England, managed by partner Phil Greves. The GP was approached by sell-side adviser BHP.

The GP's strategy for the company will involve the promotion of organic growth, Cunningham told Unquote, building on its reputation among defence and aerospace companies in the materials handling market. Cunningham also noted that there has been international interest in the company's kinetic architecture projects, allowing potential for global growth.

Cunningham told Unquote that the GP is in the process of launching Elysian Capital III, targeting £300m.

Company
SCX provides engineering services for lifting and mechanical handling projects with a particular focus on aerospace, defence and utilities. The company also designs and implements kinetic architecture projects, which have so far included a number of stadium designs such as the moving roof on Wimbledon's Court One.

SCX is based in Sheffield and was founded in 1992. It reported revenues of less than £25m in 2019. It has a headcount of 46, according to LinkedIn.

People
SCX Special Projects – Andy Whitworth (CEO).
Elysian Capital – James Cunningham (partner).

Advisers
Equity – KPMG (financial due diligence); Addleshaw Goddard (legal); Aon (insurance due diligence); Farrpoint (IT due diligence); Graph (commercial due diligence).
Company – BHP (corporate finance); Keebles (legal).
Debt – Pinsent Masons (legal).

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