TELE-FONIKKA Kable (TFKable), a Poland-based subsea cable laying company has agreed to acquire JDR Cable Systems from Vision Capital.
While the financial details of the transaction have not been disclosed, TFKable stated that the acquisition is subject to regulatory approval and is expected to be closed during this year’s third quarter.
Both the companies provide services for offshore renewables and energy industry by laying underwater cables and umbilical systems. And, have also been cooperating for quite a long time.
The acquisition is expected to bring the synergies of the two companies closer by enhancing the range of their cable solutions. TFKable stated that it will let JDR to continue its operations from its present locations, while providing new opportunities for local employees and business partners.
In October last year, JDR Cable Systems secured a subcontract from Siem Offshore Contractors to deliver subsea power cables for the 588MW Beatrice Offshore wind farm in Outer Moray Firth, UK.
It also secured a contract from VBMS (UK) to supply intra-array cables for ScottishPower Renewables’ 714MW East Anglia One (EA1) offshore wind farm.
TFKable CEO Monika Cupial-Zgryzek said: “TFKable is a strategic investor with long-term vision for JDR, sufficient resources to support its continued growth, and vast knowledge of the market.
“We highly appreciate JDR’s experienced people, recognised brand name, technological competence and a successful track record with regards to numerous innovative products.”
JDR Cables CEO David Currie said: “This acquisition creates a strong platform for JDR to enhance its position in offshore energy cables and umbilicals.
“It demonstrates the value JDR’s leadership has created through targeted investment in subsea technology, services and manufacturing facilities, and the talent and expertise of our staff. This news marks the next exciting chapter of our business.”
Vision Capital principal and JDR’s selling majority owner Jonathan Guest said: “Our investment in manufacturing facilities has transformed JDR, tripling revenues and growing the business to become a leading supplier to the oil, gas and renewables industries.
“We are delighted to have secured a long-term strategic owner for the business in the next stage of its development.”
Image: Polish company TFKable to acquire JDR Cable Systems. Photo: Courtesy of JDR Cable Systems