Deal Announcement: Teignmouth Maritime Services and Hesselberg-Hydro sold to Sullivan Street Partners

Corbett Keeling is delighted to have advised the shareholders of TMS Group on the successful sale of their businesses to Sullivan Street Partners, a UK-based private equity investor that specialises in mid-market companies.

TMS Group comprises Teignmouth Maritime Services (TMS) and Hesselberg-Hydro (HH) – two leading marine infrastructure service providers – and Marine Plant Hire (MPH), a marine plant charter and hire company that supports marine construction activities. Together, these businesses work across waterways and tidal coastal environments, specialising in repairs, construction and redevelopment projects.

Founded in 1991, TMS offers services including piling, dredging, waterway management and flood risk management. Founder Peter Stenner continues as CEO and retains a stake in the business. HH, established in 1986 and acquired through an MBO by Roger Smith in 2004, specialises in advanced flood risk management engineering. Roger also remains in the business as Managing Director.

The deal was designed to reward the founders, retain leadership and support future growth. Alongside partial cash-out and reinvestment, a long-term incentive scheme has been introduced for key employees, recognising their contribution and giving them a stake in the group’s future.

Corbett Keeling supported TMS Group at every stage of the investment process, with the transaction being led by Jim Keeling and Rob Callaghan. Their hands-on approach, careful positioning and tightly managed process helped unlock significant value and secure the right partner with the vision and flexibility to support long-term growth.

What the deal participants said:

Peter Stenner, CEO of TMS Group, said:
“Over the past 30 years, we’ve built the TMS Group with the support of dedicated friends and colleagues who have helped us get to where we are today. As for the sale process, I can definitely say we chose the right people to act for us. We were in safe hands with Rob and the Corbett Keeling team – sharp, dependable and genuinely supportive from start to finish.”

Richard Sanders, Founder and Managing Partner at Sullivan Street Partners, commented:
“TMS, HH and MPH are brilliant businesses, with a high-calibre workforce motivated to solve problems and tackle the challenges facing our coastline and inland waterways. Together with Peter and Roger, we’ll create a national marine infrastructure group with its own equipment and self-taught engineering staff – to get the UK to where we need to be.”

Jim Keeling, CEO of Corbett Keeling, said:
“It was a pleasure working with the absolutely first-class team at TMS Group to secure a successful majority exit for the founding shareholders. We’ve no doubt that the continuing management team, with the backing of Sullivan Street, will go on to achieve great things.”