15Feb

LONDON – 15 February, 2016 – SEA Equity announces the acquisition of Dycem Limited (“Dycem”), the Bristol-based innovative solutions provider for the contamination control and non-slip markets.

Founded in 1966, Dycem is a world-leading producer of branded high value added contamination control products that are sold to a global blue chip customer base. Dycem solutions are applied in sectors such as pharmaceutical, medical, and semiconductor where it is critical that contamination is kept away from products and processes. In addition the brand is synonymous with non-slip products for the physiotherapist, occupational therapist and assisted living markets worldwide. The business today exports to more than 50 countries, has a turnover of around £7.5m and employs 55 staff based in key sites in Bristol in the UK, Rhode Island in the USA and an office in Cavite, Philippines.

The deal will see the business joined by new managing director Stewart Cantley and new finance director Michael Bell. Former MD and shareholder Mark Dalziel is staying with the business as a non-executive director, working with SEA Equity and the new team to take Dycem to the next stage in its development.

SEA Equity is a private investment firm focused on backing small and medium sized companies across the UK and Europe. SEA Equity sourced a management team to allow the former MD to retire and bridge financed the entire transaction value to ensure a timely completion. Dycem is SEA Equity’s second transaction since Stani Schmidt-Chiari and Elliott Nicholson (both formerly of H.I.G. Capital Europe) founded the firm 18 months ago. SEA Equity applies an entrepreneurial mindset and quick decision making to deploy flexible capital to a variety of transaction types.

Stani Schmidt-Chiari, partner at SEA Equity, added: “We are grateful to have gained the vendor’s trust to take Dycem forward to the next stage in its development. We will continue to build on the strength of the employee force, the Dycem brand and the high demand for its market leading solutions.”

Mark Dalziel, former MD and vendor, commented: “SEA Equity worked tirelessly over a prolonged period to find a solution that allowed me to exit by bringing in new leadership and an injection of capital. There are tremendous opportunities for Dycem building upon the fantastic work of the existing team and I am glad to remain involved. I built a strong relationship with SEA Equity during the transaction and I have full confidence that under their ownership and with Stewart at the helm, Dycem will flourish and realise its full growth potential.”

Stewart Cantley, incoming MD, commented: “I am excited to be leading Dycem into the future as the business continues to go from strength-to-strength having achieved over ten years of continuous double digit growth. With SEA Equity’s financial backing and the enthusiasm of Dycem’s employee base I see huge potential for the firm.”

SEA Equity was advised by a legal team led by Jon Gill from TLT LLP, a financial diligence team led by Rebecca Guerin of RSM and a commercial diligence team led by Robin Illingworth of Armstrong Transaction Services.

Incoming management were advised by Sean Wright of Shoosmiths LLP.

The vendors were advised by a corporate finance team led by Mark Naughton from Grant Thornton UK LLP and a legal team led by Alisdair Livingstone from Osborne Clarke LLP.

For further information please contact:

Stani Schmidt-Chiari on +44 (0) 203 675 7731 or Stani.Schmidt@seaequity.com or
Elliott Nicholson on +44 (0) 203 675 7732 or Elliott.Nicholson@seaequity.com