Marine Electronic Services Ltd and Cactus Navigation and Communication Ltd Sold to Vigo FI SL
Two of the UK’s leading marine electronics resellers, Bristol and Poole based Marine Electronic Services (MES) and London and Bristol based Cactus Navigation and Communication have been sold to a new venture backed by Vigo FI SL for an undisclosed sum.
Prism Corporate Broking, specialists in facilitating marine related mergers and acquisitions, acted on behalf of MES and introduced them to investors Vigo FI SL, this resulted in the sale of MES who is now owned, along with Cactus Navigation and Communication, by a new holding company called Cactus 020 Ltd. Both MES and Cactus are strong within the marine electronics sector servicing over 80,000 customers with their complete sales, installation and support packages.
Also included in the sale is the trade distributor, Navigate Marine Distribution and Raydirect, an internet business.
The new holding company is headed up by Andrew Smythe, who was previously a director of Cactus Navigation and Communications and remains an equity partner in the new venture.
“Adjusting to the rapidly changing business environment and providing a better service to our customers is a driving factor for the sale,” said Mr Smythe. “Now we have the resources and expertise of Vigo on board we can adapt to the changing market and drive the company forward with a series of radical plans that include a total restructure of the supply chain, further acquisitions, and a move into the outdoor leisure, diving and fishing markets.”
Prism Corporate Broking’s Managing Director, Peter Watson worked with MES during the sale, he adds, “In a market where trade is difficult, it is excellent to bring about a business transaction that directly achieves the aims of both parties. We are pleased with the result and look forward to hearing about the future successes of Cactus 020.”
Cactus 020 is projecting revenues of over $10m this year.