Subsea cable firm Tekmar Group has agreed to buy Subsea Innovation for up to £4 million from its founder Gary Ritchie-Bland.
Tekmar, based in Newton Aycliffe, County Durham, was admitted to trading on the alternative investment market in June 2018.
Darlington-headquartered Subsea Innovation specialises in back deck equipment and subsea pipeline repair clamps.
The acquisition includes a 40,000 sq ft manufacturing and office facility. It will become Tekmar’s headquarters and provide additional land for future expansion.
Tekmar non-executive chairman Alasdair MacDonald said: “Our vision is to continue building on Tekmar’s position as the global leader in subsea cable protection systems in the offshore wind market and to become the partner of choice for the supply of subsea protection equipment to the global energy markets.
“The proposed acquisition of Subsea Innovation will bring new capabilities, new markets and strong cross-selling opportunities to the group.
“The Independent Directors are confident that Subsea Innovation’s blue chip global client base will open up new sales opportunities for our offshore wind business.
“Equally, we expect Subsea Innovation to benefit from Tekmar’s trusted name in offshore wind, opening up sales and supply chain opportunities for the previously wholly oil and gas focused business.”
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