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13 September 2021

Charles Russell Speechlys advises discoverIE on its acquisition of Antenova

Charles Russell Speechlys has advised long standing main market listed client, discoverIE Group plc, a leading international designer, manufacturer and supplier of customised electronics to industry, on its acquisition of Antenova Limited for a cash consideration of £18.2m on a debt free, cash free basis, before expenses, funded from the Group's existing debt facilities. discoverIE is a member of the FTSE250.

Founded in 1999 and headquartered in the UK with operations in Taiwan and the US, Antenova produces high-performance antennas and RF antenna modules for wireless M2M, IoT and embedded electronic applications. Sales are evenly split across Europe, US and Asia with its main markets being medical and industrial connectivity.

Jeremy Morcom, Group Head of Corporate Development, said: “the acquisition of Antenova aligns with our strategy of building a high quality, high margin international group that designs and manufactures differentiated and customised electronics. Antenova has a long-established track record of supplying high quality products, mostly into our core target markets, and is therefore well-positioned to exploit a range of growth opportunities. Many thanks to Mark, Sam and the Charles Russell Speechlys team for their continued and instrumental support in executing our growth strategy.”

Mark Howard, Corporate Partner, speaking of the deal said: “We thoroughly enjoyed working with Jeremy and the wider discoverIE team again on this transaction. The addition of Antenova is the latest in a strong pipeline of acquisition mandates on which we have advised the Group as it executes its growth strategy. We look forward to continuing to support them as they grow and expand in the UK and internationally.”

The Charles Russell Speechlys team was led by Partner Mark Howard and Senior Associate Sam Milne, supported by Jonathan Steele (Partner), Tertius Alberts (Associate) and Isabella Eacott (Trainee) in Corporate, Andy Williams (Legal Director), Becky Lawton (Senior Associate) and Jack Vaughan (Associate) in Employment, Caroline Young (Senior Associate) and Rachel Bell (Associate) in Commercial, Paul Stone (Partner) in Competition and Rob Birchall (Partner), Elliot Michaelson (Associate), Anna Reynolds (Associate) in Tax.