CORALINN LLP has announced it has sold its 28% in Clyde Space, Europe’s leading manufacturer of miniature satellites, allowing the merger of the pioneering Scottish company with Swedish satellite builder AAC Microtec.
With Coralinn (along with Nevis Capital) the primary financial backers from 2011, Clyde Space’s turnover grew from £1million in 2010 to £7m, the number of employees rose from 16 to 80 and the range of customers for its pioneering miniature satellites extended from the UK Space Agency to NASA.
Hugh Stewart OBE, managing partner of Coralinn LLP, said: “We are delighted to have participated in both the growth of Clyde Space and in the development of Craig Clark as CEO. For Scotland to have developed a leading company in this niche area is a significant achievement.
“All government agencies have participated in helping the company achieve its objectives. The merger with AAC will bring significant synergies and the opportunities, particularly in the USA, should bring further significant growth”.
The newly merged company, now known as AAC Clyde space, is listed on the Swedish NASDAQ (AAC.ST) with a current share value of £60m representing a substantial return for Coralinn.
Hugh added: “Coralinn are long term investors. We participate in helping develop leaders and companies achieve international scale. By participating in setting strategic objectives, helping with implementation and ensuring management development we can see our investment companies develop each year”.
Thanks to Coralinn’s involvement, Clyde Space attracted considerable attention including visits from Scotland’s First Minister Nicola Sturgeon, former First Minister Alex Salmond and other senior politicians and business groups.
John Wardlaw, who represented Coralinn on the Clyde Space board, said: “I have watched the company grow over the years and the commitment of Craig and all employees has been outstanding.
“Scottish Enterprise and the Scottish Government along with the UK space Agency have been significant supporters of the company and have been keen to help in any way they can”.
Coralinn’s legal adviser during the merger negotiations was Anna Brown of international business law firm, Addleshaw Goddard.