TREDEGAR, UK – The Development Bank of Wales has exited Camtronics six years after funding a management buyout of the contract electronics manufacturer.

In 2018, the Development Bank's Wales Management Succession Fund Investment Fund invested £450,000 in the company to enable managing director Paul Macleur, alongside colleagues Chris Gulliford and Linda Sterry, to lead a management buyout from Photonstar, who had purchased the company in 2011.

The Development Bank also introduced non-executive director Mark Pulman to the company at the time, and since the buyout, Camtronic's turnover has doubled to £4 million.

"As we embark on the next stage of our growth, the time was right to reflect on how the support of the Development Bank has enabled us to build a strong foundation for the future," said Macleur. "We have enjoyed the benefit of having an excellent working relationship with the team who have stood by us throughout, offering guidance and significant support in addition to funding. Together with Mark, they have helped with our strategic planning and long-term value creation which means that we are now in a position to buy them out. As the sole owners of the business, we are now well-placed to move forward and continue to grow our industry-leading services."

"With the support of Mark, Paul and the team have worked hard to create real value by diversifying and growing Camtronics as a leading electronics manufacturer," said Leanna Davies, portfolio development manager, Development Bank. "It is an excellent example of how our funds can be used to deliver long-term sustainable growth and our return will be recycled for the benefit of new customers."

Camtronics offers a full range of electronics manufacturing services and has 38 employees. Services include SMT assembly, AOI, through-hole assembly, box build, programming and testing.

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