Electronics firm completes £400,000 management buyout
Technology company Camtronics Vale Limited has completed a management buyout after receiving a £400,000 loan from the Development Bank of Wales.
Led by Paul Macleur, the senior management team has taken control of the £2 million electronics manufacturing business from PhotonStar LED Plc.
Headquartered in Tredegar Business Park, the company employs 31 people and develops electronics for sectors such as healthcare, military and science.
Formed as Novaspec in 1993, the firm was bought by PhotonStar in 2011. Macleur has been working at the business for 17 years and became MD after the acquisition.
“We are delighted to have secured this investment from the Development Bank of Wales. It puts Camtronics Vale in an excellent position to exploit our extensive growth potential in this, our 25th anniversary year of operations,” he said.
“We are looking forward to welcoming new customers whilst maintaining the levels of service and support that our existing customers, many of whom have been with us for more than ten years, value so highly.”
Linda Cooper, who is a chartered certified accountant, has been appointed as finance director. Meanwhile, Chris Gulliford will serve as operations director.
Steve Galvin, a senior investment executive at the Development Bank of Wales, added: “Camtronics is a perfect fit for the Wales Management Succession Fund. The purpose of the fund is to support succession planning and provide funding for management teams to buy into the business and also suit owners looking for an exit strategy.
“Our investment in Camtronics will secure the future of the business in Blaenau Gwent. They have significant growth potential and we wish them every success.”
The Wales Management Succession Fund is a Welsh Government-backed £25m fund and supports business succession for growing Welsh companies.