£35m manufacturing firm sold to Finnish multinational
Finnish electronics manufacturer Incap Corporation has bought Newcastle-under-Lyme-based AWS Electronics Group for an undisclosed amount.
In the financial year ended on June 30 2019, AWS turned over £35m and employed 436 people. The AWS business units will continue to run their operations as independent unit within the Incap Corporation.
AWS Electronics also has a manufacturing facility in Slovakia. Incap says the deal will improve its service and product offering, widen its portfolio into UK and Central Europe and further strengthen its position in geographical areas such as USA and South-East Asia.
Otto Pukk, president and CEO of Incap Corporation, said: “This acquisition will enable us to serve our customers even better. I am happy to welcome AWS Electronics team onboard to take the next steps on our growth path. AWS has been growing for many years and we see a strong fit with Incap. With this long-term, strategic acquisition we will strengthen our market position and balance our customer base. We are excited to widen our geographic presence and gain foothold in the U.K. and Central European markets.”
Paul Deehan, former CEO of AWS Electronics Group said: “I am pleased to see AWS Group step onboard with Incap. The combined companies create a very strong player in the electronics manufacturing services market that will allow us to serve our customers in the best possible way. There are also a number of key synergy benefits that mean we will be able to offer our customers a broader and more complete service portfolio.”
Springboard Corporate Finance and Orbis Partners advised AWS and Incap respectively.
Ben Bolt, Partner and Jonathan Wright, assistant director at Springboard Corporate Finance advised the shareholders of AWS on the deal. Bolt said: “We are delighted to have assisted the shareholders of AWS on this strategic cross border deal. As part of Incap AWS will be well placed to continue its positive growth trajectory, providing its customers with high complexity EMS services.”
Chris Gregory, partner and Peter Bull, associate director at Orbis Partners advised Incap on the acquisition. Gregory said: “Despite all the uncertainty regarding the UK future economic relationship with the EU we are pleased to have advised Incap on this significant investment in the UK market.”
John Heaton, partner and Philip Miles, solicitor at Higgs & Sons provided the shareholders of AWS with legal advice with Graham Muth, partner and Emily Proverbs-Garbett, associate at Fieldfisher providing legal advice to Incap.
