GTK announces Management Team Buyout
October 17, 2013 / Press Release , Company Update
GTK announced the management team buyout of the business with support from YFM Equity Partners.
The MBO team has worked together at GTK UK for two and a half years and comprises John Morath, Managing Director, who has been with the company for 20 years; Steve Robinson, Operations Director; Julie Arrowsmith, Sales Director, and Fred Edwards, Finance Director. The transaction has provided the business with an appropriate funding structure to facilitate the exit of George Homes, the original founder who is retiring, and will help to support the management team’s future growth strategy.
GTK employs 65 people in its Basingstoke and Taiwan offices. It provides design, procurement and manufacturing services of electronic components for customers in the UK and internationally in sectors such as precision instrumentation, defence/security and contract equipment manufacturing. Some of the applications of GTK's work in optoelectronics include providing LCDs used in a wide range of products such as smart meters, in-car entertainment systems and secure entry systems. For the past four years it has achieved a 17% year-on-year increase in revenues with a turnover for 2013 of £9.4m.
John Morath, Managing Director, GTK UK said, "Our customers value our ability to design the products they need in an innovative and timely way. With YFM Equity Partner’s support, we will continue to develop bespoke products for our clients as well as offering a full turnkey solution. We expect to see continued demand for our manufacturing capabilities in the UK and internationally."