Techpoint, with the support of Literacy Capital, has announced the completion of its second acquisition – a Wiltshire based PCB and electronics manufacturing services business, Interconics Ltd (“Interconics”).
The strategic acquisition sees Techpoint increase its scalability and capability in complex electronics manufacturing services, whilst providing a stronger foothold in higher volume Printed Circuit Board (“PCB”) assembly, to its global manufacturing customer base.
Techpoint Acquires Interconics: A Strategic Move in the PCB Industry
Founded in 1987 by Dave Weston, Interconics is now regarded as the one of the market leaders in the medium to high volume, high complexity, manufacturing niche.
Interconics has worked hard and invested significantly to establish an excellent reputation in the automated manufacture of cutting-edge PCB assemblies and the management team has ensured that the business remains close to its core values, based primarily on service and capability.
In March 2021, Techpoint completed the acquisition of Bela Electronic Designs, a leading provider of PCB design and low to medium volume manufacturing services, serving as the Group’s new product introduction facility in Bedford, UK.
Dan Croft, Group Chairman, said: “Interconics’ technical and highly proficient automated manufacturing services provide group customers with the ability to quickly scale their higher volume products, retaining manufacture within the UK. The acquisition perfectly complements Techpoints’s fast-growing group, which now covers the end-to-end spectrum from new product introduction, supply chain management, and volume manufacturing.”
Interconics Joins Techpoint: What It Means for Customers and Partners
Dave Weston, MD at Interconics, will take up a new role as Group Chief Technical Officer, using his vast experience to add valuable input to both existing Interconics customers and new Group customers.
Dave said: “Thanks to all those who have helped me develop Interconics over the past 34 years, with a particular thank you to the incredibly loyal and passionate workforce. We’ve developed long term partnerships with many customers, suppliers and equipment suppliers such as Yamaha, pushing the boundaries of electronic design and manufacture.
This new collaboration with Techpoint is a great opportunity to provide a new level of growth, where those existing partnerships will continue to flourish, and Interconics will continue to pave the way in electronics manufacturing.
I am thoroughly looking forward to my new Group role, where I will continue with equal pace and enthusiasm, but with additional investment and scale.”
A Step Forward in Techpoint’s Growth Strategy
Gary Wearing, Group Chief Operations Officer, will also step into the position of Managing Director of Interconics, leading the business with the close guidance of Dave Weston, Dan Croft and Matt Negus (Group Chief Financial Officer).
Gary has previously held senior roles in technology businesses and looks forward to working closely with the team.
Gary said: “this exciting partnership will enable Interconics to further expand its manufacturing service business, with the full support and complementary services of the other Group companies. It’s a fantastic fit and a great opportunity for the existing team at Interconics. The whole Group can look forward to the next stage of growth with excitement and optimism.”
The Group continues to look at other acquisitions that add technical, regional, and commercial value to the newly enlarged business and its customers.
Techpoint and Interconics: A New Era of PCB Manufacturing Excellence.
Experience, expertise and leading technology are three elements we value extremely highly at Techpoint. All decisions we make about our acquisitions and future development revolve around these key areas.
We believe that our acquisition of Interconics has given the Techpoint group increased value in the field of PCB manufacturing. Our aim is to use Interconics’ fantastic experience and existing knowledge of PCB manufacturing to offer a more complete electronic manufacturing service to our varied clients.
We plan to build upon their existing service by implementing better quality control processes, adding advanced technology and creating a flawless production process that ensures every PCB is manufactured to the highest possible standard.
We are grateful to our advisers for their work on this transaction, including but not limited to:
Birketts LLP advised Techpoint and Literacy Capital on the acquisition, led by Corporate Partner Ed Savory with support from Private Equity Partner Adam Jones, Alex Forwood and Macauley Alsford.
Squire Patton Boggs (UK) LLP advised the shareholders of Interconics Limited on the sale led by UK Head of Private Equity Paul Mann, Senior Associate Louisa Hine and Associate Indy Bening.