Marport Deep Sea Technologies, a developer and manufacturer of sonar products for the defence and commercial fisheries markets, has secured an equity investment led by Hasting Equity Partners and Admiralty Partners.
Boenning & Scattergood, a US based investment banking firm, served as financial advisor to Marport.
"This capital raise, at a time of great challenge and uncertainty in the financial markets, is a true testament to the tremendous potential of our Software Defined Sonar technology and products," says Karl Kenny (pictured), Marport’s President and CEO. "This new equity provides Marport with the financial resources it needs to execute its growth strategy and continue to deliver innovative sonar products. Having the support of Hastings and Admiralty combined with their extensive network in the United States defence market will allow us the opportunity to accelerate our expansion efforts in that area."
In connection with the financing, Bruce MacRae a Managing Director with Hastings, will join Marport’s Board of Directors as Chairman, replacing Derrick Rowe who will remain on the Board.
"Marport is a very innovative company that has been growing rapidly and will continue to do so as it further penetrates the commercial fisheries, defense and offshore oil & gas markets. This equity investment will provide Marport the resources it needs to sustain their growth. We are impressed by the quality of the Company’s sonar products and its management team," says Rae. "The United States underwater defence market represents a tremendous opportunity. We will work closely with Marport’s senior team to support the Company’s growth initiatives in this area."
