Lancashire defence specialist swoops for rival

Chorley-based The Pexion Group has acquired Birmingham firm SKN Electronics, a global electronics manufacturer and surface mount printed circuit board assembly specialist.

Founded in 1986 and with 30 years’ experience of the industry, SKN Electronics is owned by the Ahmed family.

Its sale, for an undisclosed sum, has enabled Safir and Khurshid Ahmed to take significant steps towards retirement.

Other family members occupy key positions within the business and will remain in their roles post acquisition.

The company will also continue to operate from the premises owned by the exiting shareholders.

The Pexion Group, is an engineering service provider specialising in design and manufacture solutions from aerospace and defence to the construction and marine industry. It has more than 100 staff and turnover for the year to the end of December 2015 stood at £8.6m.

KBS Corporate and Gateley advised SKN Electronics on the transaction, whilst Bolton-based AB Corporate provided legal services for Pexion.

Guy Haynes, corporate director at KBS Corporate, said: “Of all the potential buyers that we spoke to, there was a clear fit between SKN Electronics and The Pexion Group, and this transaction has the potential to be of great benefit to both parties.

“SKN is a true family business and the family will continue to be represented within the business going forward, as well as retaining ownership of the outstanding purpose-built premises.”