Hansatech acquired by Swedish company
Leading East of England electronics manufacturer, Hansatech has been acquired by Stockholm Stock Exchange listed Partnertech.
PartnerTech will pay around £5.8m for Hansatech in a shares and cash deal, which includes an additional earn-out. £2m of the purchase price is in PartnerTech shares and the remainder in cash.
With plants in Cambridge, King’s Lynn and also Poole, The Hansatech Group has some 320 employees and turnover of around £20m. The company, which was founded in 1972, specialises in prototype development, printed circuit board assembly and box build.
“The acquisition provides us with a platform in the UK and fits well into our strategy of linking proximity to our customers to production, suppliers and expertise in other parts of the world,” said PartnerTech CEO Mikael Jonson.
“PartnerTech’s structure gives us an opportunity to provide our customers with a very strong offering,” said The Hansatech Group MD Gary Howse. “The Hansatech Group’s market and position, along with PartnerTech’s structure and business set-up, will create value and benefit to both us and our customers.”
The UK market for industrial products in the area of electronics is highly fragmented. The Hansatech Group is among the five largest companies in the market.
PartnerTech has around 1,600 employees and develops and manufactures products under contract for leading companies, primarily in telecommunications, IT, the engineering sector and medical technology.