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Springboard Corporate Finance 

January, 2020 - England



Birmingham Advisors Complete Cross Border Transaction


AWS Electronics Group (“AWS”) has been acquired by Incap Corporation (“Incap”), a company headquartered in Finland and quoted on the Nasdaq Helsinki Stock Exchange. Springboard Corporate Finance and Orbis Partners advised AWS and Incap respectively.

AWS, operating from production facilities in Newcastle Under Lyme, UK and Namestovo, Slovakia, is an Electronic Manufacturing Services (“EMS”) provider focused on high complexity, specialised services in the industrial controls, medical, automotive, aerospace, scientific instrumentation and controls sectors.

Generating sales in excess of €41 million per annum and employing around 430 people, AWS works with customers in the UK, Central Europe, USA and South-East Asia.

Incap is an international contract manufacturer whose customers are leading suppliers of high-technology equipment in their own business segments. Incap has operations in Finland, Estonia, India and Hong Kong. The company employs approximately 830 people generating annual revenues in excess of €70 million.

The enlarged group will employ over 1,250 people and generate annual revenues of c. €110 million.

Otto Pukk, President & CEO of Incap Corporation commented:

“This acquisition will enable us to serve our customers even better. I am happy to welcome AWS Electronics team onboard to take the next steps on our growth path. AWS has been growing for many years and we see a strong fit with Incap. With this long-term, strategic acquisition we will strengthen our market position and balance our customer base. We are excited to widen our geographic presence and gain foothold in the U.K. and Central European markets.”

Paul Deehan, former CEO of AWS Electronics Group added:

“I am pleased to see AWS Group step onboard with Incap. The combined companies create a very strong player in the electronic manufacturing services market that will allow us to serve our customers in the best possible way. There are also a number of key synergy benefits that mean we will be able to offer our customers a broader and more complete service portfolio.”

Ben Bolt, Partner and Jonathan Wright, Assistant Director at Springboard Corporate Finance advised the shareholders of AWS on the deal. Ben commented: “We are delighted to have assisted the shareholders of AWS on this strategic cross border deal. As part of Incap AWS will be well placed to continue its positive growth trajectory, providing its customers with high complexity EMS services.”

Chris Gregory, Partner and Peter Bull, Associate Director at Orbis Partners advised Incap on the acquisition. Chris commented: “Despite all the uncertainty regarding the UK future economic relationship with the EU we are pleased to have advised Incap on this significant investment in the UK market.”

John Heaton, Partner and Philip Miles, Solicitor at Higgs & Sons provided the shareholders of AWS with legal advice with Graham Muth, Partner and Emily Proverbs-Garbett, Associate at Fieldfisher providing legal advice to Incap.


WSG's members are independent firms and are not affiliated in the joint practice of professional services. Each member exercises its own individual judgments on all client matters.

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