London-based asset manager Caledonia Investments PLC purchased a majority stake in Deep Sea Electronics in a deal that values the target company at £162 million.

Deep Sea develops and manufactures controllers for diesel-powered electricity generators and intelligent battery chargers.

Caledonia has subscribed £117.2 million for a 98.9% stake and has also provided a short-term bridging loan of £50 million, which will later be replaced with external bank debt.

Law firm Taylor Wessing advised Caledonia on the acquisition.