First Byte Micro Limited Acquired in Deal Advised by KBS Corporate
First Byte Micro Limited has been acquired by APC Technology Group plc in a deal completed by KBS Corporate.
As a franchised and independent stocking distributor of electronic components, First Byte Micro is effectively the UK co-operation partner of Glyn GmbH, a major, franchised, pan-European distributor with a turnover of circa €100m.
Having been in operation for over 28 years, the shareholders made the decision to sell First Byte Micro in order to pursue differing interests. Whilst one shareholder hoped to exit in order to prepare for retirement, the other planned to remain within the company post-sale and join forces with a highly regarded, large-scale acquirer.
In order to fulfil these requirements, KBS Corporate engaged in a robust, and wide-reaching research strategy which saw buyers from throughout the UK contacted. A number of offers were presented, leading to a deal being negotiated and agreed with APC within 8 months of the company coming to market.
As an experienced, AIM-listed company operating within the same sector, APC provided a platform for First Byte Micro to grow and develop, and offered deal terms which met the differing requirements of both shareholders.
APC’s motivations to acquire First Byte Micro centred around its strategy to increase market share and gain a synergy business for its brand, APC Locator, a provider of obsolete and allocated electronic components.
Matt Sibley, of KBS Corporate, advised on the deal and said “I am really pleased with the outcome of this deal both for our clients at First Byte Micro and for the owners of APC, and I am confident that First Byte Micro will be able to benefit from APC’s exceptional, industry leading platform. I wish both parties a smooth transition period and all the best in the future.”