Norwegian technology company utilises local law firm in £1m deal

Norwegian technology developer, Badger Explorer ASA, has chosen leading South West legal firm, Stephens Scown LLP, to act on the sale of its subsidiary Redruth-based Calidus to Westcountry manufacturing firm, Severn Glocon plc.

Badger Explorer has sold, in a stepped deal over the next 2.5 years, Calidus Engineering Ltd to Gloucester-based Severn Glocon Group plc. Multi-discipline engineering firm, Calidus, manufactures ‘down-hole’ equipment for harsh environments, for local and global clients within the oil and geothermal industries. The deal is worth in excess of £1.2 million.

Catherine Carlton, a solicitor within Stephens Scown’s corporate team in Exeter, was responsible for leading on the deal and provided advice to existing client, Badger Explorer, acting on all aspects of the sale.

Catherine says: “We were delighted to be asked to advise Badger Explorer on this transaction. Our involvement in the sale included several weeks of negotiations, resulting in a satisfactory deal for all concerned. Having a client travel from Norway to conclude the transaction is a first for me!”

Badger Explorer's CEO David Blacklaw stated: “Calidus will benefit significantly from becoming part of the Severn Glocon Group. In reaching this agreement we have achieved several objectives; the Badger project will continue to have access to the skills, competences and capacity at Calidus, while at the same time BXPL’s cash position is strengthened. This transaction is a win-win for all parties involved, and the support provided by Stephens Scown throughout the process contributed materially to a successful outcome.”

Stephens Scown has over 40 partners and 230 staff across its offices in Exeter, Truro and St Austell. For more information visit www.stephens-scown.co.uk