Print this page (printer friendly)
RSM Tenon secures deal for Coldharbour
16/06/2010
South Normanton-based Coldharbour Marine has secured investment from RIT Capital Partners, a £1.6bn trust fund chaired by Lord Rothschild.
Coldharbour says it is going to use the money to expand its global customer base and market its safety technology for ships and oil tankers. Coldharbour was set up by the Derbyshire marine equipment firm Transvac Systems.
Michael Quinn, associate director at RSM Tenon who advised Transvac on the incoming investment, said: “This was a great transaction for all parties. The quality of the investment partner coupled with the experience and determination of the management team will give Coldharbour every chance of success as it looks to build on the investment undertaken thus far by Transvac.”
The Coldharbour management team is Andrew Marshall and Howard Towers and they have been joined as part of the deal by Chairman Kevin McCollum. The company was originally set up by Transvac in order to exploit the market for its own technology in the marine sector.
“RIT Capital Partners saw the potential that exists within Coldharbour at an early stage and were keen to support the management team on the transaction,” said Quinn.
Transvac, who were also advised by Duncan James at Berryman on the legal issues, will continue to remain involved with the company going forward as shareholders and technology partners.
David Redgate, managing director of Transvac, said: “We are delighted to have secured RIT’s investment. Coldharbour now has the resources it needs to realise its full potential.”
RIT Capital Partners were advised on the transaction by Taylor Wessing and the management team by Austin Moore at Gateley Wareing.
Transvac received investment assistance from Connect Midlands. Giovanni Finocchio, business development manager at Connect Midlands said: "We are delighted with the transaction.
“Transvac Systems was referred to our emda-funded programme Understanding Finance for Business by Growth Investment East Midlands. Connect was able to assist Transvac in the first instance, by undertaking our Pathfinder workshop with its management team. This helped the company clarify and qualify their business strategy. Finally, we were able to contribute towards the costs of corporate finance specialists RSM Tenon and Berryman."
Submitted by Gemma Cann