TFKable to acquire JDR Cable Systems

7/17/2017

LONDON -- JDR Cable Systems (Holdings) Ltd., a supplier of subsea umbilicals and power cables to the offshore energy industry, has announced that it is to be acquired by TELE-FONIKA Kable (TFKable). The transaction is subject to regulatory approval.

TFKable is a leading global producer of wires and cables. Both companies have a long history of collaboration, with TFKable being JDR’s important business partner providing water blocked power cores for its cable and umbilical systems. JDR’s highly technical subsea systems, used in the global offshore oil, gas and renewable industries, allow its customers to power and control their offshore operations, and will enhance the range of cable solutions TFKable can provide to its customers.

TFKable is planning to maintain JDR’s operations in current locations, providing new opportunities for the local employees and business partners, and offering our customers innovative solutions.

David Currie, JDR’s CEO, commented: "This acquisition creates a strong platform for JDR to enhance its position in offshore energy cables and umbilicals. It demonstrates the value JDR’s leadership has created through targeted investment in subsea technology, services and manufacturing facilities, and the talent and expertise of our staff. This news marks the next exciting chapter of our business."

Jonathan Guest, Principal at Vision Capital, JDR’s selling majority owner, commented: “Our investment in manufacturing facilities has transformed JDR, tripling revenues and growing the business to become a leading supplier to the oil, gas and renewables industries. We are delighted to have secured a long-term strategic owner for the business in the next stage of its development.”

The transaction, which is subject to receipt of required regulatory approval and consents and other customary closing conditions, is expected to close during third-quarter 2017.

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