Innovative Rotherham company, Martek Marine, has undergone a £12m management buyout (MBO).
Based at Manvers, Martek Marine is a leading international distributor of premium mission and life-critical safety, monitoring and medical equipment to the maritime industry.
The company was acquired by historic marine business, James Fisher and Sons plc, in a deal worth up to £10m in 2019. Now with the backing of £8m from private equity investment manager, Foresight Group, the new ownership structure is expected to unlock growth.
Founded in 2000, Martek has supplied more than 30,000 pieces of equipment to major ship operators based around the world. Products include a range of portable and fixed gas detection systems, defibrillators and water testing solutions. Martek is an expert at interpreting the complex matrix of maritime regulations. Twice a winner of the prestigious Queen’s Award for Enterprise and a holder of the ISO 9001 international quality benchmark, Martek has a strong market reputation and a loyal customer base. The Company provides guidance on health and safety requirements and delivers frictionless global fulfillment.
Martek launched with three employees and £6,000 in start up capital in the smallest unit in the RiDO-run Century Business Centre. In the year ended 31 December 2023, Martek had 60 staff un the UK and Singapore and generated revenue of £11.6m and profit before tax of £1.4m.
Foresight, which is one of the most active investors into growing companies across the UK and Ireland, will be supporting CEO Karen Bedford and the management team at Martek to achieve its ambitions as a standalone business.
With a strong track record of supporting business growth, Foresight will help Martek capture opportunities and fulfil its potential. Experienced business leader Nick Alexander has been appointed as the Company’s new Chair.
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Nick Mettyear, Investment Director at Foresight Group, said: “Martek Marine demonstrates all the qualities we look for when investing in a business. The Company has a dynamic management team, sells excellent products and has a deep understanding of the complex regulatory environment in the sector. This enables Martek to deliver a market-leading service to its customers.
“We are pleased to be supporting Karen and the team who are driven, focused and have unrivalled knowledge of the sector. We look forward to working with the team to unlock the growth opportunities.”
Karen Bedford, Managing Director of Martek Marine, added: “In Foresight we have the perfect partner who shares our values and vision for the Company. Martek Marine sells innovative products, which offer sustainable solutions for ship safety, performance and crew welfare. We are excited to return to the agility of independent ownership and secure the backing of Foresight.
“We look forward to working with our new Chair, Nick Alexander, who has an excellent reputation and will play a pivotal role in the next phase of our journey. We now have a formidable team in place to achieve our growth aspirations.”
New Chair, Nick Alexander, added: “Martek Marine has pioneering solutions, a global client base, excellent regulatory understanding and a highly energised management team. The market provides considerable growth potential. I’m excited to work with Foresight again, taking on the role of Chair and working with the team to help realise their ambitions.”
James Fisher & Sons said that the disposal was part of its strategy to simplify its business portfolio. The total consideration comprises an initial payment of £10.6 m and an unconditional deferred element, of £1.5m.
Images: Martek Marine