Deal type: Management buyout
Investment date: September 2011
Realisation date: June 2018
Our investment in Tekmar Energy, a manufacturer of cable protection systems for offshore wind farms, helped a company with more than 30 years of heritage grow internationally in a nascent market.
Two commercial divers had founded Tekmar’s original parent company decades earlier as a design and consultancy business in the subsea oil and gas sector.
By 2008, its subsidiary, Tekmar Energy, had pursued a growth strategy using the company’s knowledge of polyurethanes, for the relatively new offshore wind farm market.
“Elysian understood the renewables industry and put in place the right capital structure to allow Tekmar to develop in this dynamic market. They truly back management and have been good partners, supporting our investment in further capacity and our move into new markets.”
Chief Executive, Tekmar
With its patented TekLink solution, Tekmar had fast established itself as the leader in offshore cable protection in a market with good long-term prospects given the European Union’s renewable energy targets.
Our past experience in wind power would help strategy development, while our business approach would support the creation of an appropriate financial and operational platform for future volumes.
Tekmar was admitted to the London Stock Exchange’s AIM on 20 June 2018. The initial public offering raised £62m, enabling us to fully exit and provide the company with funds for future expansion.
Under our ownership, Tekmar expanded globally and continued to lead in the offshore wind market.
Under our ownership, we helped Tekmar: