Brachers advises APC Technology Group on new funding facility

Brachers LLP

Deal type: Aquisition
Industry Sector: Technology
Completion date: 14 May 2024
Adviser(s): Brachers

Brachers advises APC Technology Group on new funding facility

Brachers has advised APC Technology Group a Rochester-based distributor of specialised electronic components and equipment, on securing a new funding facility from Shawbrook.

Backed by Harwood Private Equity, APC Technology Group is a provider of complex electronic components and systems, test equipment, and sourcing services to its core markets in defence, space, medical, energy, automotive and avionics, all of which have rebounded strongly following Covid.

The funding from Shawbrook, consisting of an asset-based lending package, will boost the group’s cashflows and support its continuous growth.

Claire Williams, Brachers Corporate Partner, advised APC on the legal aspects of the transaction, supported by Cameron Gaston-Penny, a solicitor in the Corporate team.

Art Russell, Chief Financial Officer of APC Technology Group, said: “We have experienced strong growth across all our product lines following Covid, in addition to the introduction of test equipment sales which have taken off, which necessitates increased working capital capacity and flexibility to support the strategic growth plans of the business.

“Shawbrook was introduced by Harwood and we quickly felt that the team there understood our priorities.”

Daniel Martin, Senior Director at Shawbrook, said: “We’ve worked with Harwood for quite a few years now and they have an impressive portfolio of innovative businesses. When approached about APC, we were keen to find a solution that delivered on all accounts and looked at our broad range of facilities to create a package that incorporated both flexibility and certainty.”

Claire Williams said: “It was a pleasure to support our longstanding client APC Technology Group to help secure the right funding package for the business, which will boost resilience and see them continue to grow and innovate. Credit to the Shawbrook team who were so easy to work with.”

Anna Ronson at Shoosmiths provided legal counsel for Shawbrook and Rob Dawes at MHA Moore & Smalley provided financial due diligence.