Subsea engineering firm Tekmar is aiming to raise £25m through existing shareholders and a partnership with US energy sector investor SCF Partners.
The Darlington-based operator has been on the hunt for a potential buyer since last year in a bid to turn around losses and inject investment. Now, a deal has been struck with Houston-based SCF that will see the private equity house provide £4.27m through a share subscription and £18m in convertible loan notes that are earmarked as a "war chest" for acquisitions once profitability has been reestablished.
The deal also sees SCF partners Steve Lockard and Colin Welsh installed on Tekmar's board , which is hoping to make the business profitable. A further £3m is hoped to be raised through existing shareholders and Tekmar plans to use £5m of the funding to strengthen its balance sheet amid concerns that working capital could come under pressure if there are delays in customer payments.
