PRP Optoelectronics in Swindon has been sold to listed company, SDI Group PLC (Acquisition of PRP Optoelectronics: London Stock Exchange). The purchase price was £9.3m net, with the cash consideration on completion increasing to £11.3m and a further deferred payment of £0.8-0.9m, being due to the shareholders, subject to working capital completion accounts.
PRP designs and manufactures custom high performance microLEDs, LED light engines and monolithic LEDs for a range of applications within the avionics, defence and industrial sectors. It is a profitable and growing business, and services a critical and technical niche, particularly within the aerospace and defence markets where its products are essential components in a number of programmes including the Eurofighter Typhoon, F-16 and F-22 Raptor.
SDI is a buy and build group focused on companies which design and manufacture specialist lab equipment, industrial & scientific sensors and industrial & scientific products.
Law firm Gardner Leader LLP advised the shareholders of PRP on the sale. The Gardner Leader team was led by Corporate Partner, Philip Humphreys and supported by Joanna Bullard (Real Estate, Partner), Peter James (Commercial, Partner) and Michelle Morgan (Employment, Partner).
Kevin Peart, Managing Director of PRP said: “We engaged with Gardner Leader to support PRP through the sale of our business based on our long-term relationship with Philip Humphreys and the team both in Swindon and Newbury. The communication, support and guidance through the sale process was invaluable with a very efficient and positive conclusion to the sale of the company. We very much benefitted from having a commercially minded law firm assisting us. They were absolutely the right choice, and I would have no hesitation in recommending them to others.”
Gardner Leader worked alongside corporate finance firm, Watersheds, whose team was led by Partners, Jessica Painter and Josh Jones.