CBPE invests in ETL

The GP is currently investing from its CBPE Capital Fund IX, which closed on £459m. The vehicle looks to invest equity tickets of €30-35m in companies with enterprise values of £25-150m.

The management team of the company will continue to lead it.

ETL acquired Braintree-based Atlantic Microwave in January 2019.

Company
ETL is a manufacturer and designer of radio frequency distribution equipment used in the ground segment of the satellite communications market. Its product range includes L-Band routers, switches, splitters, combiners and amplifiers covering DC-40GHz. Founded in 1984, the company is headquartered in Madley and operates offices in Washington DC and Dubai.

The company reported an operating profit of £4.7m from revenues of £18m for the year to 31 May 2019. Around £3m of its revenues was generated in the UK, while the remainder was generated in the rest of the world.

People
ETL Systems – Ian Hilditch (CEO).
CBPE Capital – Jolyon Latimer (partner); Ben Lewis (investment director); Matthew Watmore (investment manager).

Advisers
Equity – Addleshaw Goddard (legal); PwC (financial due diligence, tax); PMSI (commercial due diligence); AJ Gallagher (insurance due diligence).
Company – IA Global Capital (financial due diligence); CMS (legal).

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• Topics
• Buyouts
• UK / Ireland
• Industrials
• Addleshaw Goddard
• PwC
• CMS Cameron McKenna
• Close Brothers Private Equity (CBPE)
• United Kingdom