Cheltenham manufacturer sold for £4 million as UK hits top spot for M&A


A UK sensor manufacturer based at Andoversford has been acquired by discoverIE, a leading international designer, manufacturer and supplier of customised electronics.

DiscoverIE paid £4.2 million for Positek and will make a further £400,000 payment subject to the company hitting profit targets in the next 18 months.

According to a new report published this week by professional services firm EY, despite continued uncertainty stemming from Brexit, the UK has climbed to the number one spot in the top investment destinations, the first time in the EY survey’s 10-year history. The UK overtook the USA, which has held the top spot since 2014.

Positek was established over 25 years ago and can manufacture and customise any industrial position sensor.

Nick Jefferies, Group Chief Executive of discoverIE, said that the acquisition continues his company’s strategy of building a higher margin, international Group that designs and manufactures customised electronics. He paid tribute to Positek’s long-established track record of supplying high quality products. As part of the Group, the company will gain access to its wider base of customers and new sales opportunities.

DiscoverIE, which has sites across the UK, employs around 4,300 people with operating units also located in Continental Europe, China, Sri Lanka, India and North America.

For the year to 31 March 2019, DiscoverIE’s Group sales increased by 13 per cent, with orders growing seven per cent. The company will annual full year results on June 4.