Client case study
Headquartered in Peterlee, County Durham, Seaward is a market leading supplier of electrical safety and performance test solutions to customers globally. Seaward has strong brand recognition and industry reputation based on heavy reinvestment of profits into R&D to keep its product set at the leading edge.
Seaward was acquired by Rod Taylor in 1978 and developed by him into an international market leader in its niche, with global sales of c£16m.
Rickitt Mitchell was appointed to find a strategic buyer for the company and manage the sale process to completion. In May 2015 Seaward was ultimately sold to Nuremberg based test and measurement group Metrawatt International GmbH allowing a full exit for the founder shareholder and his family. Rickitt Mitchell successfully negotiated a 30% uplift to the original offer price.
“Rickitt Mitchell’s guidance and insight into the dynamics of a transaction were essential to getting the deal agreed. Brian was able to sit between us and the buyer, maintaining a good relationship whilst still taking a hard line when required.”Mark Marsh | Finance Director | Seaward
Rickitt Mitchell successfully negotiated a 30% uplift to the original offer price. The trade sale to Metrawatt International GmbH, a German corporate, allowed a full exit for the founder shareholder and his family.
Under the terms of the deal, the Seaward Group name and its product brands will remain intact. Manufacturing will continue as normal at the company’s operation in County Durham, along with its overseas sales offices in the USA and Malaysia
30% offer uplift negotiated
8 months to completion