Tekmar Group disposes of subsea company for £1.9m
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
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