Clearwater International UK advises on the c.€100m sale of Mini-Cam Limited to Halma plc

Clearwater International UK has advised private equity firm LDC and management of Mini-Cam Limited (Mini-Cam), a designer and manufacturer of pipeline inspection camera systems, on the sale of the company to Halma plc, a specialist in safety, health and environmental technologies, in a deal that values the business at up to c.£85m (c.€100m).

With over 20 years’ experience, Mini-Cam specialises in the manufacture and distribution of pipeline inspection systems, mainly for the waste water market, as well as by public authorities and companies in the oil and gas, petrochemical, nuclear, security, construction and engineering sectors.

Mini-Cam has also enjoyed significant growth overseas, expanding into new markets such as Australia, Scandinavia and the US. Today, international sales account for more than 42% of turnover, up from 31% in 2015, and the business exports to customers in more than 40 countries worldwide.

Mini-Cam joins Halma within the group’s Environmental & Analysis sector. Listed on the London Stock Exchange, it has a portfolio of more than 50 specialist engineering businesses, employs more than 5,800 people and serves customers in more than 160 countries. For the financial year ending April 2017, it recorded annual revenues in excess of £960m (c.€1100m). Mini-Cam will continue to operate under its current brand, with the management team remaining with the business to oversee future growth.

The Clearwater International team was led by Partners David Weavers and Constantine Biller, with support from Associate Zack Goddard who advised on the sale. Debt Advisory Partner Mark Taylor supported the transaction.

“Since we backed Mini-Cam just over two years ago, Nigel and his team have invested heavily in research and development and Mini-Cam is now one of the few UK-based pipeline inspection manufacturers that has successfully penetrated international markets. As part of the Halma group, the business will be able to build on these solid foundations and is strategically positioned to embark on the next phase of its international growth strategy. We wish Nigel and the team the best of luck on their journey.”

Chris Wright, Investment Director, LDC

“The strategic support and financial backing we’ve received from LDC throughout our partnership has helped us grow the business, both at home and overseas. With the team’s help, we have been able to continually invest in our operations, increasing production and service levels to meet the rising demand for innovative, high-tech inspection systems.

Moving forward with the Halma group will ensure we’re well-placed to continue providing high-quality products to an expanding international customer base, as well as giving our employees further opportunities as part of a major International group.”

Nigel Wilson, Managing Director, Mini-Cam

“We’re delighted to have advised the shareholders on the transaction. Mini-Cam is a fantastic business and great British manufacturing success story. We are proud to have found a perfect, long-term home for the company, and wish Nigel and his management team continued success for the future, as a Halma group company.”

David Weavers, Partner, Clearwater International