Michelmores act in sale of defence and subsea engineering specialists
Michelmores has advised Barnstaple based engineering business J+S Ltd in the sale of the company to SEA, a trading subsidiary of Cohort Plc, for £12 million.
J+S Ltd operates from sites in Barnstaple and Aberdeen, and is a leading UK supplier of independent engineering solutions and in-service support operating within the naval support, marine renewable and oil and gas sectors. Earlier this month J+S announced that it has been selected to supply the Torpedo Launcher System for the new Royal Malaysian Navy.
Michelmores has acted for J+S Ltd since 1999 when the firm advised the management-buy-out team and subsequently acted for the company in its refinancing and share buy back transactions in 2002 and 2008.
The business originally specialised in supplying defence equipment to the Royal Navy including sonar systems and weapons handling and discharge systems but in recent years has successfully diversified into the oil and gas sector and marine renewables
Michelmores partner Samantha Billingham, said:
“J+S Ltd are a very dynamic and profitable business and a real asset to the South West economy. It has been ranked as one of the region’s top performing companies and is amongst Devon’s largest employers.
“Michelmores has had a long journey with J+S and we are all delighted to have been associated with this latest successful transaction.”