UK-based investment manager Caledonia Investments has acquired a majority stake in engine and generator control modules and accessories manufacturer Deep Sea Electronics in a transaction that values the business at 162 million pounds ($213.1 million).
Caledonia has subscribed $154.1 million for a 98.9 percent equity stake and has also provided a short-term bridging loan of $65.7 million, which will be replaced in due course by external bank debt.
The management team has invested $2.2 million for the remaining equity.
The acquisition is consistent with Caledonia's strategy of investing in well-established private companies, with proven management teams, seeking long-term growth capital.