Womble Bond Dickinson (WBD) has advised longstanding client Tekmar, an offshore wind company, on admission of its shares to trading on AIM and its £61.8m fundraising from institutional investors.
Tekmar is a market-leading technology provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services.
The proceeds of the Placing will provide approximately £10 million (before expenses) to fund Tekmar's future expansion and acquisitions. The majority of the proceeds will be used to pay down group debt and exit Elysian Capital and Opera Finance, the private equity houses who backed an MBO of Tekmar in 2011, a transaction on which WBD originally advised on.
Tekmar was advised by a multidisciplinary WBD team led by corporate partners Robert Philips and Leon Miller.
Robert Philips of WBD commented:
"We've been working with Tekmar for a number of years and we're delighted to have advised the business on this next step of its corporate evolution on the back of our strong track record acting on IPOs. This transaction shows that our corporate team can advise clients throughout multiple stages of their lifecycle, from MBO to IPO.
"This is a very exciting development for Tekmar and we look forward to continue working with them as the company pursues its growth strategy."
James Ritchie, Chief Executive Officer of Tekmar, said:
"Today marks a significant step forward in our journey and I am delighted to say we enjoyed a very positive response to the proposed IPO, which has been well supported by institutional investors."
"Being a quoted company will, we believe, allow us to execute our strategy, to become the partner of choice for the supply of subsea protection equipment to the global offshore energy markets, whilst retaining our independence with customers and suppliers. Importantly, our strengthened balance sheet post admission to trading on AIM will allow us to invest more readily in the Group's expansion going forward. We also believe that admission to AIM will enhance our profile and brand recognition amongst potential clients and assist in the recruitment, retention and incentivisation of senior management and employees at all levels."
"This is a tremendous achievement for everyone at Tekmar and is testament to their hard work and dedication. I would like to take this opportunity to thank Elysian Capital for their support over the last seven years, as we move forward into the next stage of the Company's development."
Ranking in the UK's top 20 law firms, WBD provides legal expertise in eleven key sectors from across eight offices in the UK, including London and 19 offices in the US. The firm has a large corporate practice in the UK advising national and international clients on a broad range of corporate transactions, particularly M&As, IPOs, private equity investments, growth and development capital, and public company fundraisings.