International law firm CMS has advised ETL Systems (ETL), a global designer and manufacturer of leading radio frequency distribution equipment, and its management shareholders on the investment in its business by CBPE Capital (CBPE), a private equity investment company.
Established in 1984, ETL is based in the UK, with international offices in Washington DC and Dubai, serving various end markets including broadcasting, energy, defence, government and maritime. The company enjoys a history of success and technological innovation which has attracted multiple industry accolades, including three Queens Awards. Thanks to favourable market drivers in the satellite industry, ETL is now pursuing further expansion.
CBPE focus their investment in businesses in the UK mid-market and have a track record of investing in industrial technology companies. CBPE’s minority stake investment in ETL will support the delivery of the next stage of ETL’s growth strategy.
Ian Hilditch, CEO of ETL Systems, explains: “CBPE has significant experience in working with high-growth businesses and we are confident that with their support our global customer footprint will continue to grow, and our ability to bring new technologies to market will be accelerated. The CMS team were integral to the success of this deal, providing critical advice to our management team and shareholders exactly when it was needed.”
Anthony Waller, Corporate partner in the Technology team at CMS and lead advisor on the deal, comments: “We are pleased to have supported our client on this significant investment by CBPE. Their support will fuel ETL’s strong growth path, helping them to scale up and capitalise on the many exciting opportunities in the growing satellite communications market.”
Tom Jameson, CMS Private Equity Partner, adds: “Our representation on this matter is another example of our strength in advising management on all aspects of a successful private equity transaction, and specifically one in the technology sector. We believe that the partnership between these two companies will provide ETL and its management with the support needed to supercharge its already impressive levels of growth and innovation.”
The CMS team was led by Technology partner Anthony Waller and Private Equity partner Tom Jameson. They were supported by: Elliot Cowan, senior associate in the Corporate team, and Richard Moir and Sabby Kenzie, associates in the Corporate team; Mark Joscelyn, partner in the Tax team, and Derin Ulph, associate in the Tax team; Edward Arnold, senior associate in the Employment team; and Andrew Quayle, partner in the Tax team, and Stacey Callaghan, associate in the Tax team, who both advised on share schemes.
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