Walker Morris advises on C-MAC’s acquisition to expand European operationsPrint news article
Take-over of SMT developments secures jobs for over 30 employees.
Specialist finance and real estate lawyers at Walker Morris have advised C-MAC ELECTROMAG BVBA, a leading specialised electronics manufacturer to the European Automotive, Aerospace & Industrial markets, on its acquisition of the business and assets of SMT Developments Limited (in Administration).
C-MAC takes over the Warwick-based business as a going concern from the Administrators, Moore Stephens LLP. The move will secure the jobs for the 30+ employees of the Company, which will now be known as C-MAC SMT Limited.
Simon Clark, Head of Restructuring & Insolvency led the Walker Morris team, supported by Owen Ormond and Cameron Baloyi-Rigby.
Commenting on the move, Ken Henderson, CEO of the C-MAC Group, stated:
“We recognise the valuable reputation and relationships that SMT has established with its customers, as a reliable and trusted Electronics Manufacturing Service provider within the English Midlands. C-MAC will be investing in the Company to build a secure future for the business and for all our employees as part of our strategy to build a greater presence in the U.K.”
Prof. Olav Noack, CEO of Zobel Values, the Family Office behind C-MAC, added:
“We are proud to see C-MAC thrive in its industry and to have again, a footprint in the U.K., with C-MAC SMT.”
Simon Clark from Walker Morris added:
“It is always pleasing to successfully complete a transaction which results in preserving jobs. The acquisition is a complementary fit with the C-MAC brand and will provide a great platform for them to expand their European operations.”