Published: 00:04, 11 September 2015
| Updated: 10:15, 11 September 2015
A cutting-edge night-vision and weapon sights manufacturer, which supplies the Ministry of Defence, has been snapped up by a private equity group.
Pyser-SGI, which employs about 70 people at two sites in Edenbridge and Tonbridge, was bought by Privet Capital LLP after it saw potential for growth in the firm.
The company, whose origins date back to 1848, is expecting turnover to reach £10 million this year through sales of its optical technology.
Its equipment is used in 100 countries around the world by customers including the Ministry of Defence, the Home Office, a variety of UK police forces and the US Army.
While the value of the deal was not disclosed, Privet invests between £1 million and £10 million in companies it acquires.
As part of the deal, Chris Hyman of Privet will join the Pyser-SGI board as chairman, while Privet’s managing partner Steve Keating and his colleagues Ian Slater and Vardhan Rajkumar will join as non-executive directors.
Mark Winsbury has been appointed managing director and he will also take over the production side of the business.
Mr Hyman said: “Privet Capital has recognised that Pyser-SGI is in a stable and secure sector with established and loyal customers.
“Our focus will be on improving operations and increasing capacity so that we can grow our customer base in British and new international markets.
“We are looking forward to helping the team capitalise on its track record and expand the business further.”
Tunbridge Wells law firm Cripps carried out legal work on the deal, while Castle Corporate Finance, based in Tonbridge, worked on the financials.