Southampton: HWB assists £13m Seaeye sale

Southampton chartered accountancy firm HWB has assisted with the £13 million sale of a leading unmanned underwater systems manufacturer in the south.

Seaeye Holdings and its subsidiary Seaeye Marine have been sold to Saab Underwater Systems AB. The company specialises in the development and manufacture of a complete range of remotely operated vehicles (ROVs) largely used in the offshore oil and gas industry, but also for security, salvage and marine scientific applications.

HWB director Richard Hurst said: “The project was a challenging one and we are delighted to have helped secure a positive outcome for Seaeye.

“This was an important deal for Seaeye to allow them to move onto the next phase of the business’ development and we worked closely with chief executive Chris Tarmey and the other advisers to ensure the shareholders achieved the right price for the business.”

Chris Tarmey said: “I felt this was the right time to sell the business. We have been operating for more than 20 years and have doubled our turnover over the past three years - the firm had really gone as far as I could take it.

“As a result of Saab’s acquisition we now have the potential to develop even further moving into new areas including maritime security and defence – areas where Saab is strong.

“HWB did a fantastic job in helping us to structure the right deal and I am delighted we have reached a conclusion.”

As a result of the sale the company has changed its name to Saab Seaeye. This is the only change as the 80 employees will stay with the firm and will continue to operate from existing offices in Fareham.

HWB has a 60-strong team and is one of the largest independent practices in the region working primarily with clients in the SME sector including construction, care, leisure and the professional service industry.