Acquisition Secures 20 Manufacturing Jobs In Jarrow
NEWS RELEASE: ISSUED ON BEHALF OF MIDDLETON ENTERPRISES
Serial Entrepreneur Jeremy Middleton has helped secure 20 manufacturing jobs in Jarrow after overseeing the sale of electronic components manufacturer, Summit 1 EMS Ltd to Infoteam EMS.
The acquisition, for an undisclosed sum, will ensure manufacturing continues on at the 40,000 sq. ft. Bede Industrial Estate-based facility and the workforce is retained.
Glenthroes-based electronics manufacturer Infoteam is now planning to expand the North East operation to complement its existing facility in Fife.
Jeremy’s organisation, Middleton Enterprises, invested in the ailing firm and has been working with the management team to secure the future of the company. He brought in Managing Director Stephen Lovely to reorganise the business, identify a purchaser and manage the sale to Infoteam.
Supporting Stephen Lovely was Keith Steven of Berwick-based turnaround specialists, KSA, and Ian Kings of Sunderland-based RSM Tenon.
Summit specialises in the Design, Manufacture, Testing and Supply of Electrical products including electronic circuit boards. It also houses a mechanical assembly facility and a warehousing and product shipment operation.
Infoteam’s main area of expertise is Contract Electronic Manufacture. Among its range of services, the company manufacturers electrical components including Principal Service Boards for industrial and domestic applications as well as cable production such for consumer electronics.
Jeremy Middleton said: “Securing the future the worker at Summit 1 was our absolute priority. The skills that exist among the workforce will be of real benefit to Infoteam.
“In this economic climate there are companies looking to grow through acquisition, which does present opportunities for businesses that will benefit from becoming part of a larger organisation.”
Stephen Lovely said: “There is a strong synergy between the two businesses, which made Summit 1 an ideal addition to Infoteam’s operation. We have worked hard to ensure this business is in a position to be acquired while maintaining a viable and effective operation for its new owners.”
CONTACT: Helen Logan on 01325 363436
Notes to editors:
Middleton Enterprises Ltd is a private investment company that has made a substantial contribution to the North East’s economy by investing in and providing business advice to entrepreneurial businesses.
During recent years, it has supported nine North East businesses, generally from start-up, usually taking a minority stake and offering strategic advice to support growth.
Jeremy Middleton was one of the founders of HomeServe plc in 1990, which represents the company’s core investment. A FTSE250 support services company, HomeServe has a market capitalisation in excess of £1bn.