Rotherham's Martek Marine plots new course as independent business after £12m sale

The latter firm, which provides marine engineering services, announced to the Stock Exchange that it has sold Martek Holdings and its subsidiaries for £12.1m to a regional fund managed by private equity investor Foresight Group and the management team.

Jean Vernet, James Fisher CEO, said: "The sale of Martek continues our strategy to simplify the business portfolio and ensure investment remains focused on our core customer markets, including innovative new product development.

"We are confident that the business will continue its success under Foresight's ownership."

Foresight said it was investing £8m into the deal and would be supporting CEO Karen Bedford and the management team at Martek to achieve their ambitions as a standalone business.

Experienced business leader Nick Alexander has been appointed as the company’s new chair.

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.

“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 said: “In Foresight we have the perfect partner who shares our values and vision for the company. We are excited to return to the agility of independent ownership and secure the backing of Foresight.

“We now have a formidable team in place to achieve our growth aspirations.”

Mr 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.”