Synova has backed the buyout of MK Test Group Limited. The business is a global provider of automated electrical test solutions to the aerospace, rail, and oil & gas industries.
We are delighted to have supported the £20.0m million buyout of MK Test Group Limited (“MK Test” or the “Business”), a leading global provider of automated electrical test solutions to the aerospace, rail, and oil & gas industries.
MK Test provides software and systems used in the production and maintenance of all aircraft in the Airbus range as well as the Boeing 767, 777 and 787 models. The increasing use of electronic systems in aviation sector, and the order backlog in commercial aircraft, is leading to accelerating production schedules demanding automated testing solutions for efficiency and safety. MK Test also supports the electrical testing of specialist vehicle manufacturers including rolling stock for the global rail industry as well as developing new products for the increasingly stringent testing of subsea oil and gas installations.
The Business was established by founder Mike Threlfall in Somerset in 1992 and has built a reputation for market leading innovation, and developing long standing relationships with some of the largest global manufacturers. Today MK Test sells into over 30 countries. The Business continues to invest in the South West including recruitment of local apprentices to support its growth plans.
Synova has invested for a majority stake in the Business to support its continued growth and accelerate the development of a number of advanced features and products. MK Test will continue to invest in its staff and open up new markets such as subsea oil & gas. Mike Threlfall will focus on product development in the role of Technical Director and Jason Evans will continue as Sales Director. Paul Carter (formerly a Vice President at Rolls Royce and CEO of Premium Aircraft Interior Group) and Mark Champion have also joined the Board of Directors.
FORWARD TO A FRIEND
We are pleased to announce the appointment of Tim Ashlin, former Head of Healthcare & Education at Phoenix Equity Partners, to the Partnership.
Prior to joining Synova, Tim was a partner at Phoenix Equity Partners, which he joined in 2004. Prior to this, he worked for Close Brothers Corporate Finance having qualified as a Chartered Accountant with PwC.