Tekmar has sold its Subsea Innovation Limited business to the UAE’s Unique Group in a £1.9m deal.
A total of 38 employees are transferring over as part of the deal, which closed on May 2.
Subsea Innovation Limited, based in Darlington, had an adjusted loss of £1.4m in its latest full year results to September 2023, and net assets of £1.4m.
The company provides subsea products to the energy industry, primarily for oil and gas.
Tekmar said the proceeds will be used to support a “disciplined investment programme”.
Unique Group, founded by chairman Harry Ghandi in 1993, is a subsea technologies and innovation business which has been snapping up firms across the UK.
Other deals in recent years have included Aberdeen-based Water Weights and lifeboat firm Oceanwide Safety at Sea.
Tekmar CEO Alasdair MacDonald said: “The disposal of SIL reflects our strategic focus on strengthening Tekmar’s performance and financial position through efficient resource allocation and portfolio management.
“SIL has an established reputation in the energy industry and we are particularly pleased for SIL’s employees and customers that they can look forward to realising its full potential under the ownership of Unique.
“From a Tekmar perspective, we continue to execute our strategy to drive profitable growth organically across our balanced portfolio, and to complement this growth through targeted M&A to strengthen and broaden our core offering. The disposal supports this objective. We also reiterate our expectations for FY24 to be a year of profit improvement for the business with the Group having delivered Adjusted EBITDA profit in the first half in line with management’s expectations.”
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