(Alliance News) - Trackwise Designs PLC on Friday said it has agreed a deal to acquire printed circuit boards manufacturer Stevenage Circuits Ltd for GBP2.5 million.
In addition, the electronic parts supplier added that it has also raised GBP5.9 million through a placing.
Hertfordshire-based Stevenage Circuits secured revenue of GBP6.5 million in its year ended September 30, Trackwise said.
The London-listed firm added: "The acquisition adds further manufacturing capacity to enable the demand-led ramp up of the company's Improved Harness Technology production, as well as customers and technical, sales and operational expertise."
Improved Harness Technology is being used for both high-voltage and low-voltage circuits in the vehicles' batteries, reducing the part count and assembly time while saving on space and weight.
Gloucestershire-based Trackwise issued 7.3 million shares at 80 pence each.
"The proceeds of the fundraising will support the acquisition of Stevenage Circuits, the proposed funding of additional capacity and capability and the provision of growth working capital to include the continued development of the company's IP and know-how," Trackwise added.
Trackwise shares were 5.7% lower at 83.45p each in London on Friday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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