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WESTERN MORNING NEWS THURSDAY JANUARY 22 2015 DEALS REVIEW 5
Earth station ready to listen to the stars A famous telecommunications earth station is set to boost the UK’s space industry once more after receiving new investment. Goonhilly Satellite Earth Station near Helston on the Lizard Peninsula played a key communications role in the 1969 moon landings. In March 2014, it was bought with an initial £3.8 million in venture capital funding from investment spe-
cialist Downing. With Downing’s backing, the management team now plans to expand satellite control operations at the Cornwall site and upgrade its instruments in anticipation of increased demand as the UK space industry expands. The company said the introduction of solar panels, the establishment of a data centre and refurbishment and reopening of a space-themed
tourist attraction may also be pursued in the future. Financial firm TLT advised venture capital firm Downing LLP in its investment of Goonhilly Earth Station. As a result of the significant investment, Goonhilly Earth Station is preparing to play a larger space industry role once more and could benefit from the UK Government’s aim to triple the size of the UK space industry in the next 20
years. The UK space industry is currently valued at £9bn and supports some 30,000 jobs. Corporate associate Peter Naylor led the TLT Team and was supported by banking and finance partner Gary Roscoe and commercial property solicitor Edward Pitt. Downing LLP specialises in the management of tax efficient investment products and this investment supports
the development of a space science centre creating new economic opportunities in the region. Jonathan Boss, a partner at the firm said: “This is a very special deal. The antennae on the site are incredibly capable, and with our funding the team plans to add to their capability. “There are well-developed plans to convert at least one of the antennae, which have his-
torically all been used for communicating with orbiting satellites, into a radio telescope for looking deep into space.” TLT’s Peter Naylor said: “Our client’s investment in Goonhilly provides excellent growth potential for the UK’s space industry. We are delighted to have advised on this significant deal, which is of economic importance to the South West.”
Brixham towage company expands global reach with Australian merger
Automotive precision coils maker bought out by former china clay firm
A Westcountry towage firm has expanded its reach across the globe after merging its fleet with an Australian company. Brixham and Falmouthbased Marine & Towage Services merged with Bhagwan Marine Pty Limited of Western Australia in a deal brokered by South West firm Murrell Associates. The corporate and commercial legal team at Murrell Associates helped Jon Parslow sell his shareholding in the company to Bhagwan Marine Pty Ltd while he remained in post as Marine & Towage’s MD
A company which manufactures precision coils for the automotive industry has been acquired by former china clay giant Goonvean Holdings. The purchase of Brauntonbased North Devon Electronics is the third acquisition for Goonvean. Bosses at Goonvean said the undisclosed deal, facilitated by Francis Clark Corporate Finance, Foot Anstey, BDO and Clarke Willmott, was part of its expansion plan to “make acquisitions of profitable businesses with robust management structures, with very few sector limitations”.
and became a shareholder of the global Bhagwan Marine group. Following the transaction Marine & Towage’s fleet, which currently operates throughout Europe and as far afield as South America, Southern Africa and the Middle East, combined with Bhagwan’s fleet of around 140 vessels specialising in serving the oil, gas and resources industries, aim to create a truly global marine services company. Mr Parslow said: “The Murrell Associates’ team has built up an in-depth knowledge of
Marine & Towage over the years. Knowing that the team was available to support me throughout this transaction, combined with that specialist expertise in this field, has proved to be invaluable.” Marine & Towage Services provides a wide range of marine services from towage, salvage and civil engineering support to ships agency and pilotage. Hugh Murrell who helped with the transaction said: “We look forward to continuing to assist Jon and his team with the growth of the European arm of what is now a global enterprise.”
Since starting trading in 1973, North Devon Electronics has developed a reputation for the production of high quality, reliable coil wound components using both automated and labour intensive production processes. The acquisition is the next step for Goonvean Holdings who, since the divestment of its china clay business in 2012, have also made acquisitions in label manufacturing and aggregate supply businesses. Goonvean Holdings’ managing director Andrew McGowan said the company had a clear plan and funding
in place to make further acquisitions of profitable businesses with robust management structures, with very few sector limitations. He added: “NDE is a great fit for our group due to its impressive track record, strong management team and enviable customer base. “The acquisition is a clear indication that we are committed to our growth through acquisition strategy and we are always looking for steady state, profitable businesses with a strong management team to integrate into our diversified group.”
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