In September 2011 Elysian Capital took a majority stake in Tekmar Energy Ltd (Tekmar or the Company). Headquartered in Newton Aycliffe, County Durham, Tekmar was founded in 2007 and has grown into the leading supplier of cable protection systems to the offshore wind power industry.
The business was acquired from Tekmar Group (A North Sea engineering group that will now change its name) with its management team of James Ritchie, who is promoted to CEO, Colin Turner, Chairman. Elysian will initially take 3 board positions, all in a non executive capacity.
'The management team deserve great credit for taking a start up business, in a relatively new industry, and establishing it as the clear market leader in such a short period of time', says Ken Terry, Elysian CEO. 'The opportunity therefore to back James and Colin continue the growth of this business is tremendously exciting for Elysian'.
The acquisition was part financed with a multi-million debt package from an investor partner in Elysian's fund and working capital from Barclays Bank. The management team have been equity incentivised alongside Elysian's majority stake in the new holding company.