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Fundraise & Strategic Investment of £24.4 million for Tekmar Group plc

Singer Capital Markets is delighted to have acted as Nominated Adviser, Bookrunner and Financial Adviser* to Tekmar Group plc (‘TGP’) on its fundraise & strategic investment of £24.4 million through a £6.4 million equity fundraise, together with a committed £18 million convertible loan note facility provided by SCF Partners.

SCF Partners is a US private equity firm focused on building energy services, equipment, and technology companies headquartered in Houston, Texas, USA and with associated offices in Australia, Canada, Singapore and the UK. SCF Partners has a net asset value of $1.5 billion as well as a 33-year history of energy investing, having completed more than 370 growth investments into 78 platform companies and helped build 18 public companies.

As part of its strategic investment, SCF and its operating partner, Steve Lockard, invested £4.3 million in the £6.4 million Equity Raise alongside other shareholders and has further provided a committed £18 million Convertible Loan Note facility. The convertible loan note is intended to provide the Company with funding for the primary purpose of financing acquisition-led growth and will create a “war-chest” to be deployed as and when appropriate acquisition opportunities are identified.

The Directors believe that cash proceeds from the issue of the New Ordinary Shares will provide the necessary balance sheet strength as the business transitions to sustained profitable growth, alongside investment to capitalise on organic growth opportunities.

Alasdair MacDonald, Chief Executive Officer of Tekmar Group, commented:

“We are delighted to have successfully completed the strategic investment with SCF, which is a very significant and positive landmark for the business. SCF are a highly complementary partner for Tekmar and share our ambition to build a leading offshore energy product and services company, leveraging Tekmar’s existing market-leading and trusted position in the industry. SCF are a highly regarded energy services investor with a long track record of building leading energy services businesses globally and generating significant shareholder value. SCF has diligently assessed the strength of Tekmar’s existing business and sees the significant opportunity we have to grow with our customers in our core markets.

We are excited about the future for Tekmar and are confident we will deliver on the significant opportunity ahead in our core markets to further strengthen our industry position for the benefit of all shareholders, customers, partners and employees.”

About Tekmar Group plc

Tekmar provide a range of engineering services and technologies to build on its significant opportunity within the global offshore energy markets. Following its IPO, Tekmar built on its market leading position in supplying cable protection systems to the world’s offshore wind farms through the acquisitions of Subsea Innovation in September 2018, Ryder Geotechnical in March 2019 and Pipeshield in October 2019.

Ticker: TGP
Market Cap: £13 million**
Website: Click here

*Singer Capital Markets is acting as Joint Financial Adviser alongside the Company’s existing Financial Adviser

**As at 20/04/2023

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