Bath law firm Mogers Drewett and regional accountants Old Mill have advised on the sale of a market-leading electrical control products firm.
Family-owned Golledge Electronics, which was founded in 1990 by Jon Golledge and his father Peter, has been acquired by electronics group Techpoint with support from investment company Literacy Capital.
Ilminster-based Golledge has grown significantly in recent years, with its wide range of frequency control products used by some of the world’s largest manufacturing businesses.
Techpoint is made up of three companies, including Interconics, a printed circuit board manufacturer based at Atworth, near Melksham.
Golledge will continue to be based in its Somerset logistics centre, from where it delivers design-in and technical support to more than 700 global customers.
Mogers Drewett corporate commercial partner Tom Webb, pictured below, said: “It has been a pleasure working with Jon and the wider advisory teams on this matter.
“Like any deal, this transaction had its complexities, but we’re delighted that, along with the other deal advisors, we achieved a challenging timetable and delivered a deal with which all parties were pleased.
“Jon has built a fantastic business which I am sure will now go from strength to strength as part of the Techpoint group.”
Jon Golledge, who will take up a new role as non-executive director of Golledge said the support from both Old Mill and Mogers had been brilliant.
“They provided exemplary guidance and gave me great confidence that I have a deal that is fair and that everything has been done correctly giving fantastic peace of mind,” he added.
“We are delighted that this new partnership will maintain the strength and pedigree of the Golledge brand, known and respected throughout the electronics industry for over 30 years.
“Joining forces with Techpoint increases our depth and capabilities within the UK, as well as providing extra scale and resource to further extend our services to customers in all market segments across the globe.”
Techpoint Group chief executive officer Gary Mitchell added: “We look forward to welcoming Golledge to the dynamic Techpoint group of businesses.
“The combination of Golledge with Techpoint’s existing manufacturing businesses will create a unique supply chain model which will add value and support our customer base.
“Our strategic investments will continue to develop our market position and establishes Techpoint as a leading provider of electronics supply chain and manufacturing services.”
Mark Neath and Scott Hill of the corporate finance team at Old Mill, which has offices in Chippenham, Wells, Yeovil and Exeter, said it had not only been great to secure the sale for Jon but see the exciting opportunities for him by with remaining involved in Techpoint.
“We ensured we harnessed a strong buyer/seller relationship even in the most challenging stages of deal negotiation which was essential given the working relationship that will be held post deal,” they added.
“Our style is to work collaboratively, not adversarially, to get a great deal for our client yet a deal that works for everyone.”
