© Trackwise Designs PCB | March 17, 2020
Trackwise acquires Stevenage Circuits
Printed circuit technology specialist, Trackwise Designs, has acquired short flex and rigid PCB manufacturer Stevenage Circuits Ltd (SCL) for o GBP 2.5 million.
In addition to this, Trackwise has also raised GBP 5.9 million through a through a new share placement. During 2019, SCL achieved revenues of GBP 6.5 million and an adjusted EBITDA of about GBP 360’000. With SCL, Trackwise is adding some much needed manufacturing capacity to enable the ramp-up of its IHT production (Improved Harness Technology) driven by customer demand. “We are pleased by the significant support shown by existing and new investors. The acquisition of SCL extends our manufacturing capabilities, providing us with the capacity to deliver IHT series production, while diversifying our revenue streams and customer base,” says Philip Johnston, CEO of Trackwise, in a press release. The acquisition of Stevenage Circuits will allow Trackwise to increase the capacity at itscurrent site by transferring non IHT production to SCL’s site. The acquisition will also give the Trackwise a wider and deeper technical knowledge base, a stronger sales effort and a broader customer base. “The proceeds of the Fundraising will support the acquisition of SCL, the proposed funding of additional capacity and capability and the provision of growth working capital to include the continued development of the Company's IP and know-how,” the company writes in the release. Trackwise expects the acqusition to be immediately earnings enhancing, and strengthens the company's cash generative revenue streams