JDR Cable Systems (Holdings) Ltd (JDR), one of the leading suppliers of power cables for the offshore wind industry, is to be acquired by TELE-FONIKA Kable in Poland.
TELE-FONIKA Kable (TFKable) is a leading producer of wires and cables. Both companies have a long history of collaboration, with TFKable being JDR’s business partner providing water-blocked power cores for its cable and umbilical systems.
Monika Cupiał-Zgryzek, chief executive officer of TFKable, said “TFKable is a strategic investor with a long-term vision for JDR, sufficient resources to support its continued growth, and vast knowledge of the market. TFKable is planning to maintain JDR’s operations in current locations, providing new opportunities for the local employees and business partners, and offering our customers innovative solutions.”
JDR’s chief executive 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.”
Jonathan Guest, a principal at Vision Capital, JDR’s selling majority owner, 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.”
The transaction, which is subject to receipt of required regulatory approval and consents and other customary closing conditions, is expected to close in the third quarter of 2017.