GadCap Technical Solutions announce successful MBO

Mergers & Acquisitions | North East

Shard Credit Partners announces the acquisition by way of a primary management buy-out of the business and assets of the power generation and aerospace solutions division of a multinational engineering conglomerate in the North East of England.

The new business will be called GadCap Technical Solutions Limited and is based in Washington, Tyne and Wear.

The MBO is being led by Michael Baker and Paul Seccombe, a pair of experienced engineers who have worked together in the business being acquired for a combined total of more than thirty years, since 2002.

The team will implement a programme of organic growth to further develop the GadCap business internationally, with a particular focus on growing their share of the aerospace and energy and power engineering markets in the Middle East, China and Asia.

GadCap designs and manufactures market-leading bespoke engineered products for the power generation and aerospace industries. The PGAS division is the only business in the world producing a consumable steel-based, mineral product utilised in Advanced Gas Cooled Nuclear power stations with a long-term contract to supply the UK nuclear fuel industry.

GadCap is also a market leader in the design and production of bespoke tip clearance sensors through its CapaciSense product line, which are used in the measurement of operational gas-powered turbines during product development to increase energy efficiency and safety.

Funding for the deal has been provided exclusively by London-based Shard Credit Partners.

Alastair Brown, CEO of Shard Credit Partners commented: ‘We are delighted to have been selected as financing partner to back this high-quality MBO.  This will be our first investment in the North East region and we look forward to working with the MBO team to help them execute their organic growth strategy for the business over the coming years.’

Andrew Madden and Kerry Gibbons at Gateley plc acted as legal advisers to Shard Credit Partners.  Andrew Cowan at Gateley led the legal due diligence review.

Michael Baker said: “Paul and I are very proud to establish GadCap Technical Solutions Ltd, building on the solid foundations of the previous organisation. We have created a strong niche in key markets through the creation of innovative engineered-solutions, which we have ambitions to expand in our existing markets and new geographies.”

Paul Seccombe said: “Working with Shard Credit Partners we are confident in our ability to grow the business and maximise on our position at the heart of the North East and its engineering pedigree. We have a very talented team of engineers and manufacturing personnel, producing advanced and bespoke products, which we aim to expand as we develop the business further.”

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