Camtronics embarks on growth strategy as Development Bank of Wales exits following management buy-out

The Development Bank of Wales has exited Camtronics, six years after funding a management buy-out of the Tredegar-based contract electronics business.

An equity investment of £450,000 from the Development Bank’s Wales Management Succession Fund enabled Managing Director Paul Macleur to lead the management buy-out from Photonstar LED Group plc alongside colleagues Chris Gulliford and Linda Sterry in January 2018. Turnover has since doubled to £4 million and the business has had the strategic support of Mark Pulman as a Non-Executive Director. He was introduced to Camtronics by the Development Bank and remains with the business. 

Based on Tredegar Business Park, Camtronics offers a full range of electronics manufacturing services and now employs 38. Services include surface mount (SMT) assembly, automatic optical inspection (AOI), through-hole assembly, box build, programming and testing. The company was first established in 1993 as Novaspec, before being acquired by PhotonStar in 2011. 

Managing Director Paul Macleur said: "As we embark on the next stage of our growth, the time was right to reflect on how the support of the Development Bank has enabled us to build a strong foundation for the future. We have enjoyed the benefit of having an excellent working relationship with the team who have stood by us throughout, offering guidance and significant support in addition to funding. Together with Mark, they have helped with our strategic planning and long-term value creation which means that we are now in a position to buy them out. As the sole owners of the business, we are now well-placed to move forward and continue to grow our industry-leading services.”

Leanna Davies is a Portfolio Development Manager with the Development Bank. She said: “With the support of Mark, Paul and the team have worked hard to create real value by diversifying and growing Camtronics as a leading electronics manufacturer. It is an excellent example of how our funds can be used to deliver long-term sustainable growth and our return will be recycled for the benefit of new customers.”