Upcoming IPO: Oceans of opportunity
Veem is a family-run engineering business that has been in operation for 48 years. Veem’s core business centres around specialist marine propulsion where they have created significant IP and have more recently expanded into Gyroscopic stabiliser systems. This technology reduces vessels’ rolling motion by up to 95% when at anchor or drifting. The systems are designed for vessels ranging from 25-80 metres, including superyachts, ferries, tug boats and patrol vessels. The technology is relatively new and displaces the current use of retractable-fin systems which are underwater appendages that extend from the hull.
We are attracted to Veem’s long history of profitability, which has been underpinned by its advanced designs and innovative capability. Many of Veem’s products are regarded as cutting edge with no real direct competitors. The company’s intellectual property is protected by patents, which provide significant barriers to entry. In addition, many of their clients are repeat customers, with strong relationships that have been built up over many years. Veem’s balance sheet has minimal debt and the founders will retain 62% of the company once listed.
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