The acquisition was completed on 5 May 2023.
Feritech Global is a Cornwall-founded firm of 21 employees that specialises in the design and manufacture of bespoke technical solutions for its clients in the geotechnical subsea sector. Feritech Global is deeply involved in the fast-growing offshore wind power industry and boasts an annual turnover of around £4.5 million.
Addtech is a Swedish technical solutions group. By acquiring a majority stake in Feritech Global, the group will bolster its growth in the offshore wind power industry. Its business is expected to be a complementary addition to the existing operations of Addtech’s Vehicle Solutions business unit, entrenching itself more deeply in the market.
Stephens Scown advised Feritech Global with a team led by partner Gavin Poole.
Gavin Poole, Stephens Scown LLP:
Please give us some background into this transaction and the role that your team played.
We have been pleased to look after, and see, this business grow from strength to strength. An important part of our business model is to get to know our clients (and those supporting them) really well. Seeing our client receive the King’s Award for Enterprise and our own recent B Corp Certification meant that we had shared values to support technology businesses in the offshore wind sector. The long relationship meant that our team played a key role in drafting, negotiating and delivering the key legal documents to complete the sale within the required timetable.
What are the unique considerations that must be taken into account when advising on transactions in the energy sector?
The energy sector is continuing to evolve at a fast pace. In the midst of a climate emergency, businesses are having to adapt to meet the new normal of everyday energy requirements. Professional teams need to continually be proactive, flexible and responsive, particularly in the energy sector. In times of uncertainty, timetables for delivery become critical to meet.
Did you encounter any challenges as part of your work on this transaction? If so, how did you overcome them?
Thanks to the strong history with the client, the challenges were relatively few. However it would be naïve not to expect obstacles on any deal. Challenges can often be resolved through good working relationships with the other legal teams, a pragmatic approach, finding workarounds and good communications – as well as some hard work and knowing what to prioritise. It is a great feeling for the team to experience ’woohoo’ moments as any challenges get knocked over and completion takes place.
