UK outfit Tekmar Group has signed an agreement for the acquisition of Subsea Innovation for about £4m from founder Gary Ritchie-Bland.
Subsea Innovation – which operates in global offshore markets including wind – designs, manufactures and supplies complex engineered equipment and technology used in the installation of subsea pipelines.
Tekmar non-executive chairman Alasdair MacDonald said Tekemar’s vision was to continue “to build its position as the global leader in subsea cable protection systems in the offshore wind market”.
“The proposed acquisition of Subsea Innovation will bring new capabilities, new markets and strong cross-selling opportunities to the group.
“The independent directors are confident that Subsea Innovation’s blue chip global client base will open up new sales opportunities for our offshore wind business.”
The proposed acquisition, a first for the group since its AIM listing in June, is subject to shareholder approval.
Image: Tekmar
Tekmar to buy Subsea Innovation
By EBS