Investment firm SKG Capital has acquired electronic component manufacturer, South Wessex Electronics, with the support of an asset-based lending facility from Secure Trust Bank Commercial Finance.
The Poole-based business will trade as Surface Electronics and specialises in electronic manufacturing services (EMS), including printed circuit board assembly. The company services a diverse range of industries including oil and gas, medical businesses and the military.
The facilities, which included invoice finance and asset finance for an undisclosed seven figure sum, marks the third transaction that Secure Trust Bank and SKG have completed. This follows the £1m (1.26m) acquisition of White Knight Laundry Services in March 2016 and the £4m backing of AAA Linen in November 2014.
Secure Trust Bank Commercial Finance provides a full range of asset based lending facilities from £500,000 to £30m and has completed deals across a range of sectors. The firm recently announced a total of over £55m worth of lending in its first 12 months of trading for the year to December 2015.
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, said: "We have continued to build a strong relationship with SKG and have met the varying needs of our client across a number of deals. It has also been a pleasure working with BDO on the transaction, which sees the company well placed to capitalise on growth potential."
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