Background

3sun Group was founded in 2007 and, with the help of investment from the Business Growth Fund in 2014, became the UK’s leading provider of offshore wind installation, inspection and maintenance services to the European renewables market.

The owners of 3sun appointed the team at FRP to act as lead advisers in a fully mandated sale of the Group, which employed more than 200 people and reported a £23 million turnover in the year prior to sale.

Action

As the sole lead advisers, our Corporate Finance team ran and managed a global competitive sales process, carefully selecting over 30 interested parties from across the world. The team negotiated and managed the deal from inception to completion, also providing integrated tax planning advice to the owners to ensure the most tax-effective disposal structure, and to maximise all available tax reliefs.

Outcome

The Group was sold to Worley Limited, an Australian listed company with a market capitalisation of approximately AUD$7 billion, for an enterprise value in excess of £20 million. The deal represented a synergistic strategic acquisition that combined 3sun’s market-leading position with Worley’s financial strength and global reach, and provided a great platform for the further growth of the business.

“Superb, essential advice and support landed a very attractive deal for all stakeholders. Special thanks to the whole lead advisory team for going above and beyond to achieve a fantastic result and for all their help and assistance over the years.” Graham Hacon, Founder and CEO of 3sun Group