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Eastleigh: HWB assists underwater vehicle manufacturer with acquisition

By Dan Teuton
7 November 2013

Leading independent accountants HWB has played a key role in the expansion of a company which manufactures remotely-operated underwater vehicles (ROVs). 

Saab Seaeye, a subsidiary of Swedish-registered defence and security company Saab AB , is a leading manufacturer of underwater ROVs. The company, based in Fareham, recently acquired Berkshire-based Hydro-Lek.

Hydro-Lek, which has a 25-strong workforce, specialises in tooling and parts for ROVs and has long been one of Saab Seaeye’s suppliers.

HWB managing director Geoff Rhodes provided advice to the company and led the team which carried out the due diligence work.

He said: “We worked closely with everyone at Saab Seaeye to ensure the transaction completed on time. We were pleased to be able to demonstrate our experience of offering comprehensive and first-class corporate finance services and look foward to working with the team again in the future.”

Jon Robertson, managing director of Saab Seaeye, said: “This was an important transaction for us and we were delighted with the assistance we were given by HWB. They were professional at all times and it has been a pleasure to work with them.”

HWB, based in Chandler’s Ford, Hampshire, is one of the largest independent firms of chartered accountants in the south and offers a range of services including corporate finance, business and tax planning advice.