ECI Partners, a UK mid-market buyout firm, has bought Kelvin Hughs, a marine navigation technology manufacturer, from technology company Smiths Group for £52m (US$110m).
The transaction involves £48m in cash on completion in addition to a deferred payment of up to £4m based on performance. Management also invested alongside ECI in the deal.
Royal Bank of Scotland provided debt financing, Capital Source Europe provided mezzanine. ING Corporate Finance, Deloitte, SJ Berwin and Andeman advised ECI. Management was advised by Liberty Corporate Finance and Addleshaw Goddard, while the vendors were advised by KPMG and Allen & Overy.
Kelvin Hughes’ products include radar sensors and display technology, voyage data recorders, electronic chart systems, and integrated bridge systems, as well as nautical charts and publications for commercial and leisure use.
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