Engineering firm SCX has been taken over by Elysian Capital as part of a massive management shake-up at the Sheffield firm.
A deal announced this morning sees Elysian Capital make a substantial investment to acquire a majority stake in SCX Special Projects, alongside the company’s existing management team led by CEO Andy Whitworth.
Chairman Simon Eastwood has also announced he is to stand down. James Cunningham, a partner in Elysian Capital, takes over as chairman.
SCX Special Projects works across a range of sectors, including nuclear, defence, aerospace and sports stadia.
It announced itself on the world stage of kinetic architecture with the design and successful delivery in 2009 of Wimbledon’s iconic retractable Centre Court roof.
Since then it has designed and delivered other landmark kinetic architecture projects including a second retractable roof at Wimbledon over its Number One Court and the ground-breaking retractable, dividing pitch at the new Tottenham Hotspur stadium.
Mr Eastwood said: “I realised several years ago with the increase in very high profile projects that the company had an incredible future. The exposure for the company in completing these projects has and is opening many new doors, not least of all from overseas.
"Having worked with Andy Whitworth since 1992 and seen the way the business has developed, it has become increasingly apparent that we needed to bring on board new investment and expertise to allow Andy and his team to realise the true potential of SCX Special Projects.
"We have therefore been working with our advisors for some time to achieve this and I am delighted to have found in Elysian Capital a partner who can help take the business to the next level and, as a continuing shareholder, I look forward to its future success.”
SCX Special Projects’ CEO Andy Whitworth will continue to lead the business supported by the existing senior management team of Danny Pickard, Dave Little, Nigel Montgomery and Sophie Stead. All of the senior management team have invested in the business to become shareholders.
Mr Whitworth said: “We are very excited about the next phase of SCX Special Projects. Our growing reputation, helped by a number of recent high profile projects, has generated significant enquiries especially from overseas, a market we have only recently started to develop. The support of Elysian Capital will allow us to capitalise on the major growth opportunities which we are seeing both in the UK and internationally.”
A BHP Corporate Finance team led by David Forrest, Kevin Davies and Declan Savage acted as lead advisors to the company and shareholders on the transaction. David Forrest said: “SCX Special Projects is the sort of company you don’t come across every day – an outstanding business with truly world class design and engineering capabilities and an incredible track record. Completing this deal represents a highly satisfying conclusion to an extended process in identifying the right partner for the company going forward. I’m confident we’ve done that and with Elysian Capital’s support I look forward to seeing the true potential of SCX Special Projects being unlocked and the business continuing to go from strength to strength.”
Legal advisors to the company and shareholders were a Keebles team led by Matt Ainsworth, Henry Hill and Tom Rook. Matt Ainsworth said: “We are delighted to have been involved with this transaction. SCX Special Projects is one of the most impressive and exciting businesses we have had the pleasure of working with. I am sure that Andy and the management team will make a huge success of the business over the coming years with the support of Elysian Capital.”
Elysian Capital was advised by KPMG (financial due diligence), Addleshaw Goddard (legal), Aon Group (insurance), Farrpoint (IT) and Graph (commercial due diligence). Senior debt and working capital facilities were provided by HSBC who were advised by Pinsent Masons (legal).