Martel Instruments, a manufacturer of compact printers and display equipment, has been bought by the son of its founding directors after he secured the backing of private equity firm Aberdeen Asset Managers Growth Capital.

Martel Instruments, a manufacturer of compact printers and display equipment, has been bought by the son of its founding directors after he secured the backing of private equity firm Aberdeen Asset Managers Growth Capital.

Stephen Kent, Martel’s production director, moves up to managing director after buying the company from Martin and Angela Kent. The vendors, who established the business in 1982, have retained a small shareholding in the company.

The financial terms of the deal have not been disclosed but Aberdeen invested £2.25 million with Yorkshire Bank providing debt and working capital.

Aberdeen’s investment was co-ordinated by directors Andrew Craig and Jonty Hall with senior portfolio manager Guido Bicocchi.

Hall told Growth Business that the firm has taken an undisclosed minority shareholding in the company. He added that they decided to back the deal due to Martel being a profitable company with the potential for its products to be used in other markets.

Under the terms of the funding agreement, Aberdeen introduced John Finlan to Martel’s board as non-executive chairman. Finlan has worked with Aberdeen’s deal team on previous deals and has experience in the manufacturing industry.

The vendors were advised by the Newcastle office of accountancy firm Deloitte.

Durham-based Martel supplies its products globally to companies in the electronics, engineering, automotive, medical, telecoms, transport and retail industries.