Tempest closed its first private equity acquisition in December 2019, when we put together a consortium of investors to successfully acquire 75% of Cable Solutions Pvt Ltd (CSOL), a specialist cable manufacturing export company. 

Sri Lanka’s largest cable manufacturer, ACL Cables PLC, took a lead role in the consortium by acquiring a strategic 51% stake, while the balance was taken up by four financial investors: the Hirdaramani Group, Associated Electricals, P&S Group and Insite Holdings, while Tempest also acquired a direct stake in the company.

CSOL, which began operations in 2007, is a BOI-registered company and operates out of a two-acre facility in Kadawatha. The company manufactures superior performance cables customized to specific applications, which are exported to customers worldwide. The company generates 95% of its revenue from exports, with key clients in the US, European, Indian and Australian markets.

Despite the challenges brought on by COVID-19 pandemic, the company has generated strong growth over the past three years and Tempest, working with the management and ACL as a strategic partner, has been able to generate significant efficiency improvements, along with a strong balance sheet and cash flows.