Elysian was introduced to Tekmar through its Leeds office and Tekmar‘s Newcastle-based advisers. After a narrow auction Elysian were granted a 6 week period of exclusivity and duly completed the transaction on time.
‘Tekmar developed its patented ‘Teklink’ solution to the problem of cable erosion of offshore wind farms. Every offshore wind turbine requires sub-sea cabling and, therefore, cable protection systems and while cabling represents only c1% of the total cost of a wind farm it accounts for approximately 70% of the insurance claims. The system has been quickly adopted by the industry and is fast becoming the industry standard solution. The business has grown very quickly but to get to the next stage in its development they wanted the finance, operational and strategic experience that we can bring,’ says Ken Terry. ‘With our knowledge of the industry we can help the business expand into the emerging markets in the Far East, US and others while also strengthening the sales and accounting functions, corporatise the business and bring a higher degree of corporate governance as experienced professional investors’.