Tekmar eyes £25m funding including deal with US private equity firm that could support acquisitions

Subsea engineering firm Tekmar aims to raise £25m through existing shareholders and a partnership with US energy sector investor SCF Partners.

The North East-based operator has been on the hunt for a potential buyer since last year in a bid to turn around losses and inject investment. Now, a deal has been struck with Houston-based SCF that will see the private equity house provide £4.27m through a share subscription and £18m in convertible loan notes that are earmarked as a “war chest” for acquisitions once profitability has been reestablished.