CB Technology gets new top team
Maven supports £4.5m buy-in at Livingston technology firm
Maven Capital Partners has led a £4.5 million management buy-in at Livingston-based contract electronics manufacturer CB Technology.
The deal will see CB led by John Cameron, formerly of GE & UTC Technologies and who was recently commercial director at Finland-based Marioff, a company with annual revenues of €100 million (£77.5m).
Graham Scott, previously chief financial officer at SAS-owned Memex, has also joined the business as finance director. The business will be chaired by Laurence Ormerod who has significant experience of growing a number of SMEs.
The operational management team will remain in the business after helping it achieve year-on-year growth since it was established in 1999. Funding from Maven will allow the company to add to the team further and establish a dedicated sales and marketing function to support business development.
The transaction was Maven’s final private equity transaction of what it said had been a successful 2014. It invested in a number of fast-growing SMEs including two other transactions led by Maven’s Edinburgh team – cycling apparel brand Endura and leading supplier of scientific products and services Crawford Scientific.
David Milroy, investment director at Maven, said: “CB has, for the last 15 years, supplied a range of blue chip customers with complex electronics that, critically, must function reliably under extremes of temperature, pressure and vibration. CB has consistently delivered and is clearly trusted by its customers.
“We believe the excellent team we have assembled can further leverage CB’s exceptional reputation to scale the business and we are very much looking forward to working with John and his team.”
Mr Cameron, who becomes managing director, added: “I am excited at the prospect of working alongside Graham, Laurence, Maven and the skilled workforce at CB to deliver the strategy the team has developed over the past few months. Our business possesses unique expertise and skills, has an extremely strong reputation and we see huge potential for growth.”