BPE Solicitors has acted for Cheltenham-based sensor manufacturer and supplier, Positek Limited, on their recent share sale to international electronic component supplier, discoverIE Group PLC, for £4.2million.
Positek Limited was established in 1992 and has been manufacturing and supplying high accuracy linear, rotary, tilt and submersible sensors, and linear transducers for the aerospace, motorsports and medical sectors across the UK and beyond.
Main market listed discoverIE Group PLC has been designing, manufacturing and supplying innovative components for electronics applications over the past 33 years. The company currently employs over 4,000 people, with its principal operating units in Continental Europe, the UK, China, Sri Lanka, India and North America.
BPE offered their expertise on all aspects of the transaction including corporate, property and employment, from contract negotiation to completion. The team was led by corporate Senior Associate Adam Kean alongside Philippa Kean with property negotiations led by Douglas Armstrong, Rebecca Maxwell and Kate Gibbons, and Stephen Woodman negotiating the employment documents.
Roger Swadling, Director of Positek Limited, commented: “BPE’s support and guidance, based on their experience and expertise, have been invaluable in delivering a timely and successful outcome for all of the sellers, which sees the sale of a business which has been the culmination of over 25 years of work, also ensuring a positive future for Positek going forward.”
Commenting on the deal, Adam said: “Positek has grown and developed itself into a leading manufacturer and supplier of high accuracy sensors over the past 26 years. Their commitment and determination has led them to attracting the attention of a multi-million turnover, international business that will now open up further doors of opportunity for the company to expand its reach. We are pleased that our expertise has ensured a smooth and successful outcome for the selling shareholders.”