Sale of Garner Osborne Circuits

HMT LLP advised PCB manufacturing and assembly specialist Garner Osborne on their sale to a search fund led by industry specialist Dean Curran, backed by Novastone Capital Advisors, Ethos Partners and Thincats.

Based in Newbury, Garner Osborne is a leading specialist in printed circuit board (PCB), manufacture and assembly, and mechanical assembly. With over 33 years’ experience in all aspects of PCB manufacture, assembly and full-function test, Garner Osborne delivers UK market-leading high-quality and reliable PCBs: from rapid prototyping, small to medium-sized volumes, and large-volume offshore manufacture.

Garner Osborne has a well-established and diversified customer base with 400+ active customers operating in a variety of sectors, including medical, automotive, aerospace, seismology, audio & broadcasting, defence, measurement & instrumentation, power supply, IOT, communications & network, surveillance & security and retail. 

The transaction will provide an exit for the founder and former Chief Executive Mike Garner and his business partner Nigel Priest, with Dean Curran stepping into the business as Chief Executive and co-owner. However, Mike is retaining a minority shareholding in the business and having reinvested a substantial portion of his own proceeds, Steve Honeybun will remain in place as Operations Director, working alongside Dean to deliver the business’ ambitious growth plans. The deal has been further backed by a leading mid-market debt provider Thincats.

HMT acted as lead advisors on the transaction which included assessing the strategic options for the shareholders and management, identifying suitable acquirers, negotiating detailed exit and terms, supporting the business through an extensive due diligence process and project managing the deal to a successful completion.

Mike Garner, CEO of Garner Osborne commented:

“The support and guidance provided by the team at HMT was invaluable during the sale process. Their calm and pragmatic approach to the process not only eased the concerns of the shareholders at the initial stages and made the technical aspects of the transaction easy to understand. However, at certain points of the process their drive and determination were called upon to overcome roadblocks and ensure all parties remained focused on the result. Andrew and Ricky were firm but professional throughout and their tenacity and experience delivered a transaction that achieved the shareholders’ objectives.”

“Dean Curran, new CEO of Garner Osborne commented:

 “I’d like to thank Mike and Nigel for building such a fantastic business and creating a great team of people at Garner Osborne. I am grateful to Mike for trusting me to continue his legacy and take the business forward for a bright future in Newbury. I have been hugely impressed by the operational excellence and extremely high-quality products that Garner Osborne manufactures, supplying a diverse range of customer sectors. I am excited about the business’ potential for future growth and look forward to cementing our reputation as a market-leading UK PCB manufacturing and assembly company.”

Andrew Thomson at HMT commented:

“We are delighted to have advised the Shareholders of Garner Osborne on their exit to Dean and his investors. Mike, Nigel and Steve have built a fantastic business, and the transaction will enable the business to continue its impressive growth trajectory and build scale in the onshore electronic component manufacturing market. We look forward to working with Dean and Steve again as they look to consolidate the fragmented industry in which the business operates.”

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