A Newton Aycliffe manufacturer that protects subsea cables and umbilicals has revealed it intends to float on the London Stock Exchange.
Tekmar, which employs around 110 people at two sites on Aycliffe Business Park, is attempting to list on AIM by the end of the month.
The company operates two main divisions. Its offshore wind farm division focuses on protecting transmission cables between offshore wind turbines, while its subsea division protects umbilicals and flexible pipes in the oil and gas market.
The flotation will allow Tekmar to expand its business, although the firm has yet to release any financial details regarding the listing.
Chief executive James Ritchie (pictured above) said: “We are delighted to announce our intention to float.
“Our plans to join the AIM market follow a period of consistent, strong organic growth supported by the group’s current owners, Elysian Capital.
“Tekmar is already the undisputed leader in offshore wind cable protection systems and it is our objective to become the partner of choice for the supply of subsea protection equipment to the global offshore energy markets.
“Admission to AIM will enhance our profile and brand recognition further in our sectors and allow us to execute our strategy to grow in both existing and new markets and geographies.”
Tekmar, which has a 74% market share across all installed offshore wind farm assets, currently turns over £21.9m a year.
The offshore wind farm division’s sales pipeline with a potential aggregate sales value of £68m.
Following the flotation Tekmar said it will grow its business by increasing its market share in the subsea oil and gas market, as well as by making a number of “selective acquisitions”.
The firm’s expansion will also be supported by the growth of the offshore wind farm market.
Mr Ritchie led a management buyout of the company – backed by Elysian Capital – in 2011, when he was just 21-years-old.
Berenberg are acting a sole brokers of the company’s shares. Tekmar expects to be valued at between £70m and £80m following the IPO.