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Aberdeen Asset Managers Growth Capital leads Martel Instruments MBO
Aberdeen Asset Managers Growth Capital ("Aberdeen" or "AAMGC") has led the management buy-out of Martel Instruments Limited, one of the leading UK manufacturers of compact printer and LCD modules, for an undisclosed sum.
Martel operates a design and manufacturing facility serving a global customer base with printer and display solutions. The business supplies products to a range of industries including automotive, medical, telecoms, transportation and retail.
Aberdeen invested £2.25m with Yorkshire Bank providing acquisition finance and working capital facilities. Martel was established in 1982 by Martin and Angela Kent and this transaction sees their son, Stephen Kent, take over as Managing Director. John Finlan, who has a wealth of experience in manufacturing and industrial products and components has been appointed Non-Executive Chairman.
The Newcastle office of Deloitte advised the vendors, with Aberdeen securing the mandate via a competitive process. The Northern Growth Capital team of Andrew Craig, Guido Bicocchi and Jonty Hall led the deal for Aberdeen.
Stephen Kent, Managing Director of Martel Instruments, commented:
"Entering into a partnership with Aberdeen in our 25th year of trading marks a tremendous milestone in the history of Martel Instruments. I am confident that in working with Aberdeen we can achieve significant growth and further enhance our market share and profitability".
Guido Bicocchi, Senior Investment Manager, Growth Capital, commented:
"We have backed a management team that has considerable experience and skill at creating shareholder value and look forward to working alongside Stephen Kent as he takes over the reigns of the business as it enters an exciting new stage in its development".
Shawn Bone, Partner, Deloitte, commented:
"I am glad to have assisted the family with their succession plans. This is a fine example of a niche UK based engineering business that is selling worldwide. With the additional capital and expertise being brought to the table by Aberdeen and under the ongoing leadership of Stephen Kent I am positive that the business will continue to grow and be a major success going forward. It's a great example of a win win story for all involved".
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