Rcapital has agreed to sell Surface Technology International to NOTE AB
Surface Technology International
Surface Technology International Ltd (STI) is a market-leading electronics manufacturing services (EMS) company with long-standing customer relationships and extensive expertise in working with leading global defense companies. The company operates across all defense domains—air, land, cyber and marine—and runs two high-technology production sites in Hook and Poynton, England, with extensive capabilities in advanced PCBA, box build and testing.
The Deal
Lincoln International is pleased to announce that it has advised Rcapital Partners LLP (Rcapital) on the sale of its portfolio company, STI, to NOTE AB (NOTE). Following its acquisition of STI, Rcapital worked closely with management to increase profitability and position the business for its next phase of growth. STI represents a strong strategic acquisition for NOTE, strengthening its UK presence, enhancing its technological capabilities and increasing its exposure to the defense sector, in line with its growth strategy.
Our Perspective
Matthew Buck, Managing Director at Lincoln International who led the transaction, commented, “We are pleased to have worked with Rcapital on the sale of STI. STI is a business we have known for a number of years, having advised its previous owner, IMI, and it is great to see it repositioned to be one of the leading independents in the UK defense industry. As the European defense sector continues to evolve, this transaction underscores Lincoln’s position as a leading advisor in the aerospace & defense and electronics market.”
Rcapital
Rcapital is a UK-based private investment firm focused on investing in special situations and corporate carve-out opportunities across a broad range of sectors. Typically investing in UK-headquartered businesses, the firm provides flexible capital to transform businesses, working closely with management teams to create long-term value. For more information, please visit www.rcapital.com.
NOTE
NOTE is a Sweden-based electronics manufacturing services provider offering contract manufacturing, industrialization and supply chain solutions to customers primarily in industrial, MedTech and Greentech sectors. The company supports customers from prototyping through serial production, with manufacturing facilities in Europe and China. NOTE has a strong track record of supporting its organic growth with acquisitions to broaden its customer base and strengthen its technical capabilities across the EMS value chain. For more information, please visit www.note-ems.com.
Lincoln was a trusted adviser throughout the STI process. Their deep understanding of the defense market and electronics industry meant they had the ability to clearly articulate STI's value proposition, resulting in strong buyer engagement. We greatly appreciate their commitment on delivering an outstanding result for the shareholders of STI.
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