Teignmouth Maritime Services (TMS) and its Dawlish subsidiary Marine Plant Hire (MPH) have been bought by a London-based private equity firm for an undisclosed sum.

Sullivan Street Partners acquired the firms along with hydraulic engineering company Hesselberg Hydro, which is half-owned by TMS, in a three-way deal.

‘We have integrated these companies, which specialise in repairs, construction and redevelopment across waterways and tidal environments, under the Ancora Group, with the aim of expanding their presence across the UK,’ said a Sullivan Street Partners spokesperson.

TMS said business would ‘continue as usual’ but that it was excited to be involved with Sullivan Street Partners. ‘We are looking forward to growing our workforce and resources and increasing our workload around the UK and Europe,’ a TMS spokesperson commented.

Sullivan Street Partners founder and managing partner Richard Sanders was thrilled by the deal. ‘These are brilliant businesses with a high-calibre workforce, motivated to solve problems and make good the challenges our coastline and inland waterways are facing,’ he commented.

‘We’re excited to be working closely with founders Peter Stenner, Roger Smith and the senior executives to develop a robust national marine infrastructure group, supported by a skilled team of engineers,’ Richard added.

TMS was founded in 1991 and, since then, the marine and land-based civil engineering firm has completed over 150 projects across the UK. However, the company has always remained true to its Devon roots. For several years TMS has supported Rowcroft Hospice, raising around £12,000 for the Torquay charity.

Last week, the Marine Plant Hire tug, Christine, played a key role in setting free the MV Scot Bay after it was stranded on a sand bank just outside Teignmouth docks.