Norwegian technology developer, Badger Explorer ASA, has chosen Stephens Scown LLP, to act on the sale of its subsidiary Redruth-based Calidus to Westcountry manufacturing firm, Severn Glocon plc.
Badger Explorer has sold, in a stepped deal over the next 2.5 years, Calidus Engineering Ltd to Gloucester-based Severn Glocon Group plc. Multi-discipline engineering firm, Calidus, manufactures ‘down-hole’ equipment for harsh environments, for local and global clients within the oil and geothermal industries. The deal is worth in excess of £1.2m.
Catherine Carlton, a solicitor for Stephens Scown’s corporate team, was responsible for leading on the deal and provided advice to existing client, Badger Explorer, acting on all aspects of the sale.
Catherine said: “We were delighted to be asked to advise Badger Explorer on this transaction. Our involvement in the sale included several weeks of negotiations, resulting in a satisfactory deal for all concerned. Having a client travel from Norway to conclude the transaction is a first for me!”
Badger Explorer’s CEO David Blacklaw stated: “Calidus will benefit significantly from becoming part of the Severn Glocon Group. In reaching this agreement we have achieved several objectives; the Badger project will continue to have access to the skills, competences and capacity at Calidus, while at the same time BXPL’s cash position is strengthened. This transaction is a win-win for all parties involved, and the support provided by Stephens Scown throughout the process contributed materially to a successful outcome.”
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