Taylor Wessing, led by Dr. Philip Cavaillès, Josef Fuss and Bryce Bartlett, has advised Topp Holdings GmbH on the majority sale of UK based Correll Group, a global leader in the provision of engineering, installation and maintenance services in the offshore wind sector, to French listed SPIE Group, an independent European leader in multi-technical services in the areas of energy and communications.
The transaction comprises subsidiaries in Germany and the USA as well as a branch in Taiwan.
SPIE will acquire 85% of the capital once the transaction is finalized, while the remaining 15% will be retained by the management team (subject to reciprocal call and put options). This acquisition would create significant value thanks to the very high growth and high profitability perspectives.
For SPIE Oil & Gas Services, this acquisition represents a major step in its diversification strategy towards renewable energies implemented several years ago to support its customers in their energy transition.
With this acquisition, SPIE Oil & Gas Services accelerates its diversification strategy towards renewable energies and will become SPIE Global Services Energy in January 2024.
The transaction is expected to complete in January 2024, subject to customary closing conditions.
About Correll Group
Correll Group, a major player in electrical engineering applied to the offshore wind energy sector, stands out for its expertise in the connection and testing of submarine high-voltage cables for the interconnection of wind farms. The company was founded in 2014, with its headquarters based in Skelton (United Kingdom), and deploys its expertise in the offshore wind sector all over the world, and particularly in Europe (Atlantic, Baltic, and North Sea), the United States and Taiwan with its 109 high skilled employees and more than 500 experts’ contractors. Correll Group is expected to generate revenue of c.55 million euros in 2023 associated with a high level of margin.
About Topp Holdings
Topp Holdings GmbH is a privately-run investment holding focused on the service sector with more than 3,000 employees in seven countries. It manages, coordinates and strategically shapes the business activities of its independently operating portfolio companies.
About SPIE
French listed SPIE is an independent European leader in multi-technical services in the areas of energy and communications. SPIE’s 48,000 employees are committed to achieving the energy transition and digital transformation alongside its customers. SPIE has over EUR 8bn in revenues based on four business lines, at the crossroads of energy and digital challenges: Mechanical and Electrical Services, Information & Communications Technology Services, Technical Facility Management and Transmission & Distribution.
Topp Holdings instructed Piper Sandler as M&A advisor and Deloitte as financial advisor.
SPIE instructed Lincoln International as M&A advisor, White & Case as legal advisor and 8advisory as financial advisor.
Legal advisors to Topp Holdings GmbH:
Taylor Wessing Germany: Dr. Philip Cavaillès (Co-Lead, Partner), Dr. Daniel Schrembs (Salary Partner), Fritz Krings (Associate), Henrik Grawe (Associate), Inken Brand (Associate) (all Corporate/ M&A, Munich), Maximilian Höving (Associate) (Commercial, Munich), Jonas Warnken (Salary Partner) (Employment, Hamburg), Dr. Alper Utlu (Salary Partner) (Banking & finance, Frankfurt)
Taylor Wessing UK: Josef Fuss (Co-Lead, Partner), Bryce Bartlett (Co-Lead, Senior Associate), Miguel Dinis Lucas (Associate), Rosy Worsfold (Senior Associate), Deepti Patankar (Senior Associate), (all Corporate/ M&A, London), Sam Cave-Browne-Cave (Senior Associate, Real Estate, Environment and Planning), Graham Samuel-Gibbon (Partner), Joseph Fallon (Associate, both Tax and Incentives), Christian Wiltshire (Associate, Banking and Finance) (all London).
