Management buy out at battery firm set to create new jobs and investment at Peterlee plant
Peterlee-based battery manufacturer Alexander Technologies Europe Ltd (ATEL) has been bought by its management team.
The transaction has been part-funded by a £9.2m senior secured unitranche facility provided by Shard Credit Partners and aims to support the continued growth, expansion and development of the company – which works closely with blue-chip customers in the design and manufacture of customised rechargeable battery packs for health and safety devices, personal protection products, medical devices, and portable power products.
ATEL sells its products both in the UK and internationally, with a focus in North America and Europe and was founded more than 40 years ago and has been acquired from US-based private equity house Woodside Capital Partners.
The deal also includes a £1m backstop guarantee and funding line in support of a significant development capital investment programme.
This aims to facilitate the move into a new, state-of-the-art manufacturing and warehouse premises and 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.
Michael Shirley, CEO of ATEL said: “The team is very excited to begin the next chapter in the history of ATEL. 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.
“We are fortunate to have a highly specialised team with a proven track record and this combination helps to solidify the company’s future as a top designer and manufacturer of portable power.”
Alastair Brown, CEO of Shard Credit Partners said, “Alexander Technologies Europe Ltd is an example of the high quality, technology-led companies that, through our investment and experience, will enable us to build on their previous achievements to deliver greater growth.
“It has established a strong position in its industry, which is testament to the expertise and experience of its workforce. We are confident, by working in close partnership with Michael Shirley and the management team, that the business can achieve increased market share through the enhanced production of its innovative technologies.”