RSM UK advises Balaena on pivotal maritime engineering acquisition
RSM UK has advised Balaena, a maritime engineering and shipbuilding group, on a nine-figure debt raise and the acquisition of APCL Group, a leading British marine engineering company operating shipyards in Tyneside.
Balaena owns the historic drydock and dockyard facility in Gibraltar, Gibdock, and a shipyard in Padstow, Cornwall and operates across the UK and internationally with a growing portfolio of public sector, defence and infrastructure-related marine projects.
The acquisition marks a significant milestone in Balaena’s mission to expand and improve Britain’s maritime and naval shipbuilding and ship repair capability and capacity.
The deal will integrate modern facilities in Gibraltar and Padstow with APCL’s infrastructure on Tyne, Birkenhead and Falmouth - creating one of the world’s most capable ship repair and shipbuilding groups with a network of 12 dry docks, and strategic reach across the UK and the Mediterranean.
The enlarged group will provide enhanced drydocking, hull fabrication, and life-extension services, reducing vessel downtime and strengthening Britain’s position as a competitive hub for global ship repair.
RSM supported Balaena throughout the acquisition of APCL, from a significant acquisition debt raise, to corporate tax due diligence, tax structuring and pensions advice.
Simon Gillett, Founder and Group Chief Executive Officer of Balaena, said: “We are delighted to welcome APCL Group into Balaena. This acquisition reinforces our long-term commitment to British maritime capability - creating jobs, expanding apprenticeships, and driving innovation in line with the ambitions of the Strategic Defence Review and the UK’s Industrial Strategy.
“By uniting Balaena’s vision and ambition with APCL’s skilled teams in Tyne, Birkenhead, and Falmouth, we are strengthening the UK’s ability to deliver for both the Royal Navy and the global commercial maritime sector, while investing in the next generation of British shipbuilders and engineers”.
Tom Straw, Partner at RSM UK, said: “Ongoing geopolitical tension continues to reshape the defence industry in the UK and globally. This deal will not only bolster domestic defence interests but it underpins the Government’s UK Industrial Strategy - delivering one of the UK’s most comprehensive commercial ship repair and refit networks.”