Two of the UK’s leading, specialist, value added resellers of marine electronic products, Marine Electronic Services Ltd and Cactus Navigation and Communication Ltd, have been sold to a new venture backed by Vigo FI SL for an undisclosed sum.
Marine Electronic Services is located in Bristol and Poole, Cactus operates from London and Plymouth. Both are well established names in the sector and provide a complete sales, installation and support package to over 80,000 customers.
Also included in the sale is the trade distributor, Navigate Marine Distribution and Raydirect, which is an internet business.
The new holding company, called Cactus 020 Ltd, is headed up by Andrew Smythe who was a director of the previous business 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. 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,' commented Andrew Smythe.
Cactus 020 is projecting revenues of over $10m this year and will be at the 2012 Tullett Prebon London Boat show from Friday 6 – Sunday 15 January 2012 on stand B120.
More at www.cactusnav.com