15 October 2018
Taylor Wessing has advised Caledonia Investments plc on the acquisition of its majority stake in Deep Sea Electronics Ltd (DSE), in a transaction that values the business at £162m.
Based in the UK, DSE is one of the world’s leading designers and manufacturers of controllers for diesel-powered electricity generators and intelligent battery chargers. Its products are used worldwide to support public sector infrastructure projects and defence applications, as well as diverse applications across industry sectors, including oil and gas, telecoms, construction, power distribution and facilities management.
Caledonia has subscribed £117.2m for a 98.9% equity stake and has also provided a short-term bridging loan of £50m, which will be replaced in due course by external bank debt.
Ed Waldron, Private Equity partner at Taylor Wessing, said: "We are delighted to have advised Caledonia on this significant acquisition into their unquoted portfolio. DSE and Caledonia have exciting plans for the future of the business and we look forward to working with them."
Chris Hodges, Director in Caledonia's Unquoted Investments team, added: "We are thrilled to have completed the DSE transaction, and very grateful for the professional, pragmatic and commercial legal support that the Taylor Wessing team provided to us."
The deal team was led by Private Equity partner Ed Waldron, senior associate Jonny Bethell and associates Nick Karangizi, Catherine Williams and Sarah Wallace, with support from across the firm. Senior associate Stephanie Creed led on Employment , Richard Carson led on Tax and Debt Finance partner Martin Yells is leading on bank finance.