Caledonia takes 99% stake in Deep Sea Electronics

15th Oct 2018 07:08

(Sharecast News) - Caledonia Investments On Monday spent £117.2m for a 98.9% stake in Deep Sea Electronics in a transaction that values the business at £162.0m.Caledonia has also provided a short-term bridging loan of £50m, which will be replaced in due course by external bank debt. The management team has invested £1.7m for the remaining equity.In the year to 31 May 2018, DSE reported a gross profit of £21.2m and pre-tax profit of £12.8m on turnover of £37.8m, with gross assets of £35.0m.UK-based DSE designs and makes controllers for diesel-powered electricity generators and intelligent battery chargers. It also has facilities in Mansfield, UK, Illinois, USA, and Haryana, India, employing more than 170 people and selling into 150 countries.Its products are used in public sector infrastructure projects and defence applications, as well as the oil and gas, telecoms, construction, power distribution and facilities management sectors.