The Corporate team at regional law firm Coffin Mew has advised the shareholders of Extec Integrated Systems in their disposal of the entire share capital of the company to Ultra Electronics Holdings plc for an undisclosed amount.

The initial cash consideration for this acquisition was financed using Ultra’s existing facilities.

Extec, based in Portchester near Portsmouth, was founded by its three main shareholders and directors, Chris Warne, Frank Bellion and Doug Errington, in 1986 and has grown into one of the world’s leading providers in Microelectronics Technology - and in particular the design, development and manufacture of thick film hybrid microcircuits, boasting contracts across Europe and the USA.

Warne, Bellion and Errington had built up a good trading relationship with Ultra prior to the acquisition as Extec had been a supplier and sub-contractor to Ultra on some of its major projects for a number of years. Extec will operate as part of Ultra’s Manufacturing & Card Systems business in the Aircraft & Veicle Systems division.

The Corporate team, led by Nick Gross and Lucy Grey, also drew on support from the firm’s Employment and Commercial Services teams.

Gross said: “We were delighted to have assisted Chris, Frank and Doug in realising nearly 25 years hard work. Even though we were driven by tight timescales, our extensive knowledge of businesses in this sector, our ability to work as a team, as well as being able to call upon excellent support from the firm’s other teams, meant that we completed the transaction and achieved the client’s goals in a smooth and efficient way.”

Former managing director Chris Warne stated: “On behalf of myself and the other shareholders I would like to thank Nick, Lucy and the rest of the team for a sterling job that was very professionally executed. It was a pleasure to work with them.”