Surface Technology International Limited [STI] is pleased to announce that contracts have been exchanged between Integrated Micro-Electronics, Inc. and Rcapital that will see Rcapital acquire a majority shareholding in the business.
As part of the transaction, Rcapital will lead a full refinancing of STI that will enable the business to accelerate its growth strategy, at a time when STI’s core Defence and Aerospace markets are experiencing significant growth.
This transaction brings continuity for STI’s customers and employees across all three of their facilities. The current management team, led by Simon Best and Tony Best , will remain in place.
Commenting on this announcement, Simon Best, Chair of STI said:
“This is fantastic news for STI. We would like to thank IMI for the past 6 years of their ownership and we wish them well in their new direction. We are delighted that ownership has passed back into the hands of a British company that has a track record of helping companies grow. Our order books are stronger than they have been, and we are anticipating significant new contract wins in the next few months. I’m excited by what the future holds in store for STI, and look forward to guiding it through this next chapter in its history.”
Chris Campbell of Rcapital added:
“We were introduced to STI earlier this year and have been consistently impressed by STI’s people and capabilities. Following a highly competitive sales process we have now exchanged contracts and look forward to completing the transaction later this year.
“It’s a business with great potential in an industry that we know well through our portfolio businesses that have exposure to the Aerospace and Defence markets.”
“With a highly experienced team, decades of experience in mission critical applications and very strong relationships with global blue-chip clients, we have absolutely no doubt that STI will prosper in the years ahead.”
About Surface Technology International Ltd (STI)
Surface Technology International Ltd (STI) is a specialist Contract Electronics Manufacturer, serving world-class customers in high-reliability industries by providing electronics design and manufacturing solutions in both printed circuit board assembly (PCBA) and full box-build manufacturing.
STI provides a full set of manufacturing services, from concept design through prototyping, production to complete box build including thermal vibration and full product test. STI also provides full lifecycle support – spares, repairs and long-term obsolescence management.