The company has undergone a recapitalisation backed by Frontier Development Capital, part of Mercia Asset Management.
Innovative Solar-Powered Products for Offshore Assets
Pharos Marine produces navigational aids systems such as beacons, fog signals, and aviation lights to mark assets such as drilling rigs and windfarms. The products are solar-powered, supporting the decarbonisation of operating assets while ensuring the safety of vessels.
Global Operations and Expanding Workforce
The company employs 67 people in its Great Yarmouth plant and London office. It also has an assembly line in Louisiana and operations in Singapore and the UAE.
Generational Transition and Equity Stake for Management
The deal provides an exit for a key US shareholder and enables the management team led by chief executive Owen James to take a substantial equity stake in the business. Toxaway Capital Partners, the US family office that acquired the full share capital of the business in 2009, will retain a majority stake as part of a generational transition.
Leadership and Growth Under CEO Owen James
James became CEO in 2021 and has reorganised the business, meaning that Pharos Marine has doubled its turnover in the past two years. He said: "Pharos was founded on the principle that ‘the light must never go out.’ More than a century later, we continue to keep the lights on and provide power supplies for customers worldwide using renewable energy. This deal will provide a sound basis for the business to move forward and pursue our growth plans, and we look forward to this exciting new chapter in its history."
