Elysian backs Tekmar Energy MBO

Greg Gille
06 October 2011

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Elysian Capital has backed the MBO of UK-based offshore wind industry supplier Tekmar Energy from its parent group Tekmar.

Financial details have not yet been disclosed, but deal value was reported to sit in the £20-30m range. Elysian's maiden fund, launched in 2008 with a £200m target, reached second close on £110.65m last year.

Elysian was attracted by the strong growth potential for offshore wind farms, Tekmar's main target, both in the UK and mailand Europe.

Debt
Working capital and bonding facilities were provided by Barclays.

Company
Durham-based Tekmar Energy is a designer and manufacturer of cable protection systems, primarily for the offshore wind sector. The company employs around 150 staff.

People
Ken Terry led the deal for Elysian Capital. James Ritchie is CEO of Tekmar.

Advisers
Equity - PricewaterhouseCoopers (Financial due diligence, tax); MAKE Consulting (Commercial due diligence); Addleshaw Goddard (Legal); Willis Limited (Insurance due diligence); The Quinn Partnership (Management due diligence).
Vendor - PricewaterhouseCoopers (Financial due diligence); Dickinson Dees (Legal).
Management - Dickinson Dees (Legal).
Debt - Ward Hadaway (Legal).