Ethos Search Capital to partner with Dean Curran to acquire Garner Osborne
[05/07/2024]
Ethos Partners LLP (“Ethos”), one of Europe’s most active lower mid-market investors, is pleased to announce their investment in Garner Osborne Circuits Limited (“Garner” or the “Company”), through Ethos Search Capital, backing Searcher and incoming CEO, Dean Curran.
Based in Newbury, Garner Osborne is a leading specialist in printed circuit board (PCB), manufacture and assembly. With over 33 years’ experience in all aspects of PCB manufacture, assembly and full-function test, Garner Osborne delivers UK market-leading, high-quality and reliable PCBs to a well-established and diversified customer base across a variety of sectors.
The transaction provided an exit for the founder and former Chief Executive Mike Garner and his business partner Nigel Priest, with Dean Curran stepping into the business as Chief Executive and co-owner. Steve Honeybun will remain in place as Operations Director, working alongside Dean to deliver the business’ ambitious growth plans. The deal has been further backed by search fund investor Novastone Capital Advisors (“NCA”) and leading mid-market debt provider Thincats.
Ethos Search Capital (“ESC”), a unique offering by Ethos Partners LLP, invests in search funds to help entrepreneurs acquire, manage, and grow companies. A search fund is an investment vehicle through which a group of investors backs an entrepreneur to source, acquire and grow an SME. ESC provides investors unique access to a portfolio of search fund investments across the UK and Europe.
Sandy Farmer, Partner at Ethos Partners, said: “Dean’s background and experience makes him a great fit to navigate the succession challenge at Garner Osborne, drive the business forward and continue the legacy of Mike and the wider team. We are thrilled to have been able to support Dean throughout his search journey. From introducing the opportunity via our longstanding relationship with HMT Corporate Finance, offering insight and support to the debt financing alongside banking partner ThinCats and we are excited to be joining the board to provide ongoing support for the next phase of Garner’s impressive journey.’’
Dean Curran, new CEO of Garner Osborne said: “On behalf of all investors, I would like to extend our deepest thanks to Sandy Farmer at Ethos Partners LLP, who has been particularly helpful throughout the transaction. I have been hugely impressed by the operational excellence and extremely high-quality products that Garner Osborne manufactures. I am excited about the business’ potential for future growth and look forward to cementing our reputation as a market-leading UK PCB manufacturing and assembly company.”
Ethos, through NCA, were advised by Buzzacott (Corporate Finance & Tax), Birketts (Legal Advisor) and HCR (Legal Advisor).
Management and vendors were advised by HMT (Corporate Finance).
