Secure Trust Bank backs multi-million electronics acquisition

SOLIHULL-based Secure Trust Bank has backed investment firm SKG Capital in making a new multi-million pound acquisition.

SKG has acquired electronic component manufacturer, South Wessex Electronics utilising an asset based lending facility from Secure Trust’s Commercial Finance arm, based in Manchester.

The Poole-based electronics business will trade as Surface Electronics and will specialise in Electronic Manufacturing Services (EMS), including printed circuit board assembly. The company services a diverse range of industries including oil and gas, medical and military.

The bank facilities include both invoice finance and asset finance and the deal is the third collaboration between Secure Trust and SKG.

The Surface Electronics deal follows the £1m acquisition of White Knight Laundry Services in March this year and £4m backing of AAA Linen in November 2014.

Secure Trust Bank Commercial Finance has completed deals across a range of sectors. The firm recently announced it had completed more than £55m worth of lending in its first 12 months of trading.

Stephen Lloyd, Portfolio Partner at SKG Capital, said: “Surface Electronics offers more than 25 years of industry experience and is one of the leading providers of electronic manufacturing services in the UK. The acquisition presented an excellent opportunity to broaden our portfolio within an exciting industry and we are pleased to finalise our third deal with Secure Trust Bank. They understood the needs of the business and were able to deliver a tailored funding solution.”

Sean Powell, National Sales Director at Secure Trust Bank Commercial Finance, added: “We have continued to build a strong relationship with SKG and have met the varying needs of our client across a number of deals. The transaction sees the company well placed to capitalise on growth potential.”

BDO restructuring partners, Simon Girling and Danny Dartnaill, provided restructuring advice to the management team on the deal.