£20m MBO of MK Test Systems

Synova Capital has backed a £20m buyout of MK Test, the Somerset-headquartered provider of electrical test products to the aerospace, rail, and oil and gas industries.

Synova acquired a majority stake in the business to support its growth and the development of products at the business, which was established by Mike Threlfall in 1992.

Threllfall will now focus on product development in the role of technical director, with Jason Evans staying on as sales director.

Paul Carter, former vice president of Rolls-Royce and chief executive of Premium Aircraft Interior Group, has also joined the board of directors along with Mark Champion, a partner at lead adviser Isca Ventures.

Threlfall said: “I am delighted to be partnering with Synova to enable MK Test to continue its growth and reach its full potential.

“We have built this business through continually investing in our technical development and a focus on providing innovative solutions for our customers. There are huge opportunities for the business over the coming years in our existing and new markets coupled with a number of exciting new product developments.”

Alex Bowden, partner at Synova and director of MK Test, added: “We are pleased to be partnering with Mike Threlfall, Jason Evans and the rest of the team at MK Test who have developed world leading technology in this highly specialist area of the market. We look forward to working with the team to take advantage of the opportunities ahead.

Isca Ventures acted as lead adviser on the deal, with Osborne Clarke, PwC and Roland Berger providing legal advice and financial and commercial due diligence to Synova. Michelmores provided legal and taxation advice to MK Test.

Isca Ventures delivered value throughout this transaction. The quality of advice we received at every stage was first class and their knowledge and experience of private equity transactions was invaluable. To have such an experienced Partner team based locally made a real difference.

Mike Threlfall - Founder, MK Test Systems