Charles Russell Speechlys advises discoverIE Group plc on Dutch manufacturer Santon Group
Charles Russell Speechlys has advised discoverIE Group plc, a leading international designer, manufacturer and supplier of customised electronics to industry, on the acquisition of the Santon Group via the purchase of its holding company EWAC Holdings BV ("Santon").
Santon is a Dutch based designer and manufacturer of custom switches for electronic applications and has been acquired for an initial consideration of €27.0m (£23.7m) on a debt free, cash free basis, before expenses. Santon operates from Rotterdam in the Netherlands, with sales offices in the UK and Germany. The acquisition is expected to nearly double the Group's sales into the renewable energy sector and increase the level of Group sales into Asia from 8% to 13%. Santon will operate within the Group's Design & Manufacturing division whilst retaining its distinct brand identity.
Nick Jefferies, Group Chief Executive of discoverIE plc, said: "The acquisition of Santon continues our strategy of growing discoverIE into a highly differentiated, international electronics design and manufacturing group. With a long-established track record of producing high quality DC switches, Santon builds our position in niche components for solar power, a market that is set to grow significantly, and will create new opportunities in our other target markets such as transportation and medical.”
Corporate Partner Catherine Drew, who led a European legal team advising discoverIE Group plc, said “ we were delighted to work with the DiscoverIE team on this acquisition, helping to navigate the intricacies of a cross border transaction in this rapidly evolving sector”.
The Charles Russell Speechlys team included Martin Griffiths, Paul Stone, Rhys Novak, Andy Williams, Amelia Goodwin, Charlotte Boyd, Olivia Gray, Peter Byrd, David Fyfield and Samuel Jenkins.
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