STOCKHOLM – Note has expanded its manufacturing capacity in the UK with the acquisition of electronics manufacturer DVR.

The purchase price for the company amounts to GBP9 million ($11.4 million) on a debt-free basis, which may be increased by an additional purchase price of a maximum of GBP3 million ($3.8 million) based on future growth and profitability targets.

DVR is located in Basildon, Essex, and the British EMS market, which corresponds to the Scandinavian market in size, is expected to have clearly higher growth than the European EMS market in general, Note said in a release announcing the acquisition. Through the addition of a fourth plant in England, the company said it gains greater coverage and becomes a larger player in the growing British EMS market.

"Our business continues to develop strongly, and we are now making our third acquisition in the past year. We are very excited that DVR will now become part of the Note Group," said Note President and CEO Johannes Lind-Widestam. "The acquisition strengthens our position in the UK EMS market, which we strongly believe in and which is expected to have a strong growth in the coming years. DVR has a strong customer portfolio with exciting projects and we also see opportunities for synergies with our existing customers and suppliers. We look forward to continuing the profitable growth journey together with customers, staff and management at DVR."

DVR offers PCB and box-build manufacturing, with a substantial part of its customers in the industrial and greentech segments. The company was founded by the Hellings family and has been run and developed most recently under the leadership of David Hellings, who will continue his role as CEO of the company. The company has around 95 employees.

"I have come to appreciate Note as a company that shares our core values of long-term customer relationships and high quality in what we do," Hellings said. "We have many exciting customers and projects in our portfolio and see great advantages for both us and our customers to become part of a larger group and continue to develop our business together."