We are delighted to have provided a significant debt facility to support Search Fund CEO and industry specialist Dean Curran, in the acquisition of the well-established PCB manufacturing and assembly specialist Garner Osborne Circuits Limited (Garner Osborne). The transaction was backed by Novastone Capital Advisors and Ethos Partners and advised by HMT LLP.

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 testing, Garner Osborne delivers UK market-leading high-quality and reliable PCBs: from fast-turnaround prototypes, small or medium-sized orders or large-scale 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.

The transaction will provide an exit for 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. Mike is retaining a minority shareholding. 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. Through the support of leading mid-market debt provider ThinCats, the business is also looking at making strategic acquisitions to augment its organic growth strategy.  

HMT acted as lead advisors on the transaction, supporting the business through an extensive due diligence process and project managing the deal to a successful completion.

Dean Curran, commented: “I am grateful to Mike for trusting me to continue his legacy and to take the business forward for a bright future in Newbury. I have been hugely impressed by the operational excellence and extremely high-quality PCB 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.”