CJR PROPULSION LTD
SECTOR: MARINE ENGINEERING
COMPLETED: NOVEMBER 2022
Fiander Tovell is pleased to have advised the shareholders on the Management Buy-Out of Hampshire based CJR Propulsion Ltd, which won the Mid-Range Deal of the Year (£10m to £50m) at the Solent Deals Awards 2023.
The MBO was advised by a strong professional team, including Cathy Revis, Head of Tax and Transaction Support at Fiander Tovell; Prabin Sunar and Michael Barcia at Meridian Corporate Finance; and Lucy Gleisner, Partner at law firm Trethowans.
Established in 1948, CJR is one of the UK’s most respected marine manufacturers and the company attributes part of this success to its continual investment in cutting-edge technology. Boasting one of the most advanced marine manufacturing facilities in the country, they produce precision-engineered propeller and sterngear packages for a host of commercial, leisure and superyacht brands. The industry-leading business has gone from strength to strength in recent years, and this transaction provides management with the opportunity and tools to continue that growth.
Alex Stevens, newly-appointed Technical Sales Director at CJR, commented: “This is an extremely exciting time for us and the future of CJR Propulsion. This move secures the longer-term future of the business, so our customers know they can continue to expect the exceptional service they know and depend on.” You can read more about CJR’s new management team here.
Cathy Revis, Head of Tax and Transaction Support at Fiander Tovell, who provided tax structuring and practical financial advice in relation to the Transaction and future incentivisation of key management, commented: “The CJR management team were a pleasure to work with and I wish them further success with the business. Working as part of the strong professional team with Meridian and Trethowans, we helped deliver this transaction smoothly and on time.”
Prabin Sunar, Manager at Meridian commented, “Having worked with the CJR team for several years, it was a great pleasure to deliver the MBO for them. CJR is an extremely well-known brand within the marine sector, and we wish the team the very best as they navigate the next stage of their growth.”
Lucy Gleisner, Partner at Trethowans commented “We worked closely with Meridian and Fiander Tovell again to provide a consistent team approach to conclude another successful MBO. We were delighted to assist Mark and the management team in helping the company achieve its objectives for future growth by undertaking this MBO and congratulate all involved.”