A County Durham battery manufacturer is set to create new jobs and expand into a second base following a multimillion-pound MBO deal.
Alexander Technologies Europe Ltd (ATEL), which founded 40 years ago, designs and makes rechargeable battery packs and chargers which are sold around the world and has been operating from its Peterlee base for 40 years.
Now the firm is poised for significant growth and the opening of a new manufacturing and warehouse site, after being acquired by its management team in a deal part-funded by a £9.2m facility provided by Shard Credit Partners.
The transaction, which has been completed for an undisclosed sum, will support the continued growth, expansion and development of the company, which designs the rechargeable battery packs and charging equipment to be used in health and safety devices, personal protection products and medical devices.
Atel has been acquired from US-based private equity house Woodside Capital Partners.
As well as providing initial acquisition funding for the MBO, the facility includes a £1m backstop guarantee and funding line for a significant development capital investment programme.
The investment plans include the move to the new base, plus the creation of new jobs at its main site in Peterlee.
The planning and investment in plant and machinery is currently under way and will substantially increase manufacturing capacity.
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Shard Credit Partners was advised by a team from Ryecroft Glenton (RG) Corporate Finance led by partner and head of corporate finance Carl Swansbury, supported by Alex Simpson and Chris Black.
Tax advice was provided by RG’s Simon Whiteside, Simon Hopwood and Jon Routledge with financial due diligence delivered by RG’s Grahame Maughan and Andrew Cameron. Legal advice to Shard Credit Partners was provided by Alison Davidson-Cox and Sophie Denton from Gateley, led by senior banking partner Andrew Madden.
Woodside Capital Partners was advised by US-based investment banking firm SSG Capital Advisors and European based group Saxenhammer & Co. 海角视频 Legal advice was provided by Ward Hadaway’s Paul Christian and Kate McLean, along with Muckle LLP.
Michael Shirley, CEO of ATEL said: “The team is very excited to begin the next chapter in the history of ATEL.
“This partnership will allow Alexander to extend its strong, double-digit growth achieved over the last three years and combine its recently awarded ISO 13485 quality certification with the new development plans in the North East.
“We are fortunate to have a highly specialised team with a proven track record and this combination helps to solidify the company’s future as a top designer and manufacturer of portable power.”