Case Study - ACW International Limited

ACW is one of the UK's largest electronics manufacturing services companies, supplying a range of clients in the defence, broadcast and homeland security markets, with revenues of c£50m. The company had operations in the UK, China, Hong Kong and US.

The business had experienced trading difficulties in 2011 as a result of the global recession causing a slow down in customer orders and had begun the process of restructuring the company and closing one of its manufacturing facilities. James Cowper Kreston were brought in to assist the owner, Chris Woods, to assess his strategic options. A process was run that allowed ACW to consider all potential options; refinancing , raising additional equity and disposal.

Trading continued to be challenging through 2012 and it was ultimately decided to sell the business. A transaction was ultimately concluded with TT Electronics plc , that saw them acquire one of the UK facilities and client base, utilising a pre-pack administration.

This transaction involved James Cowper Kreston utilising all of their skills; knowledge of debt markets (mainly asset based lenders), a keen understanding of the private equity markets to identify those parties where there would be a fit due to sector and the turnaround requirements, and the ability to identify and engage with acquirers on a global basis.