© Shard Credit Partners Electronics Production | September 12, 2019
Battery manufacturer acquired in MBO – poised for expansion
UK-based battery designer and manufacturer, Alexander Technologies Europe Limited (ATEL), has been acquired in a transaction funded in part by a GBP 9.2 million unitranche facility by Shard Credit Partners.
ATEL, who has been operating for some 40 years, is a portable battery pack manufacturer headquartered in Peterlee, County Durham. It works closely with its blue-chip OEM customers in the design and manufacture of customised rechargeable battery packs and charging equipment. The battery manufacturer was acquired from US-based private equity group Woodside Capital Partners, for an undisclosed value. The management buy-out, which was completed on September 5th, was in part funded by the GBP 9.2 million senior secured unitranche facility provided by Shard Credit Partners Fund. “The team is very excited to begin the next chapter in the history of ATEL,”says Michael Shirley, CEO of ATEL, in a press release from Shard Credit Partners. “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 UK.” In addition to providing the initial acquisition funding for the MBO, the facility from the fund also includes a GBP 1.0 million backstop guarantee and funding line in support of a significant development capital investment programme. This will allow the company to expand and move into a new manufacturing and warehouse premises as well and also facilitate the creation of a number of new jobs at ATEL’s main site in Peterlee. The planning and investment in plant and machinery is currently underway and will substantially increase manufacturing capacity.