The management team of JE Technical Marine Services Ltd, a marine technology integrator, has completed a seven-figure MBO from the company’s current shareholders.
The transaction was led by the team at Capital Law and supported by the team at Capital Corporate Finance.
JE Technical Marine Services Ltd was established in 2007 and provided comprehensive design and technical services to the UK and Isle of Man marine industry.
A maintenance contract with the Isle of Man Steam Packet Company, which the company has held for more than six years, is also held by the company.
JE Technical Marine Services Ltd’s new management team comprises MD Darren Jones, technical director Richard Lawton, and financial director Kevin Davies.
Darren, who has been with JE Technical Marine Services Ltd since its formation, said: “We’re delighted to be taking over the company and look forward to taking it to the next stage in its evolution.
“We all believe that the company has great potential, and we’re determined to help it fulfill that potential.
“We’re very grateful to Capital Corporate Finance and Capital Law for helping us secure the funding we need and guiding us through the process.”
Adrian Main, a partner in Capital Law’s corporate team, added: “This was a very complex transaction, involving the funding of the acquisition, management buyout, and the ongoing funding requirements of the business.
“We’re happy to have helped the JE Technical Marine Services team secure funding and supported them through the transaction.
John Wycherley, a partner in Capital Corporate Finance’s Corporate Finance team, said: “JE Technical Marine Services is an excellent company with a very bright future.
“We’re delighted to have helped them secure funding and supported them through this transaction.
Avantis, a Bridgend-based technology company that provides marine technology services, has completed a management buyout following a seven-figure financial package from the Development Bank of Wales and HSBC.
The buyout was between the current owner of UK investment group Envoy and Thomas David, who has become chief executive. Those supported by chief commercial officer Leon Solder, chief operating officer Jack Jenkins and Mr. David, 30, are chairman Chris David.
In the case of Avantis, Berry Smith, and Grant Thornton advised it, and Grant Thornton advised the Development Bank of Wales.
Working capital from HSBC will now be used to support Avantis’ growth plans, centered around decarbonizing the marine and oil and gas industry. It will secure long-term employment possibilities in south Wales and internationally.
Also, the buyout will ensure the business can be managed centrally, giving the management team more control over day-to-day activities.
In a statement, Mr. David said, “We are delighted to have completed this transaction, which will accelerate our company’s growth. We have achieved sustained growth and almost doubled our turnover year on year since founding Avantis three years ago. This deal seems to be the next logical step to ensure we can continue to deliver our vision as a management team based in Wales.”
He noted, “We are extremely grateful for the support provided by the Development Bank of Wales and HSBC UK for this transaction.”
Development Bank’s senior investment executives Ruby Harcombe and Navid Falatoori said: “Providing energy efficiency services to the global marine industry, Avantis is a pioneering green technology and reducing carbon footprint with a business model that concentrates on entrepreneurial spirit and flexibility.
We are particularly pleased that Tom and his team benefit from our £25 million Management Succession Fund, specifically designed for management teams in Wales interested in owning and running businesses. We are particularly pleased to support Tom as a young Welsh entrepreneur, a true home-grown success story.
“HSBC UK is delighted to support this innovative business in achieving its next phase of growth,” said Warren Lewis, head of corporate banking in Wales. Avantis, which also has offices in Rio De Janeiro and Dubai and its headquarters in Cardiff, is an excellent example of a global business with a solid reputation in the technology market.”
