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News Release from: Finance Wales | Subject: GX Designs
Edited by the Processingtalk Editorial
Team on 14 January 2008
GX Designs designs its future by an
acquisition
A leading South Wales-based engineering design business is expanding after acquiring divisions of a hardware and software solutions company with investment from Finance Wales
GX Design Engineers of Usk, Monmouthshire, has acquired two divisions of Bridgend-based Industrial Electronic Automation (IEA), allowing the company to expand into new markets Critical to the deal was the GX Design ability to acquire investment funding within a short timescale
This article was originally published on Processingtalk on 18 Nov 2004 at 8.00am (UK)
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Lead investor Finance Wales and the Welsh Assembly Government's Assembly Investment Grant (AIG) team provided the necessary funding decision within two weeks of the initial enquiry.
The company was advised by Frank Edwards of management consultancy CODA, and the finance package included a GBP75,000 AIG and GBP150,000 debt investment from Finance Wales, the provider of commercial funding to SMEs in Wales.
Deputy First Minister Ieuan Wyn Jones said: "Finance Wales and the Assembly grant team worked speedily and effectively to respond to the company's very tight timetable.
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Their responsiveness has enabled GX Design to grasp an important opportunity for business growth and development".
GX Design Engineers provides product design and development services from concept to manufacturing for industrial, mechanical, electronic, software and opto-electronics disciplines.
Their wide portfolio of products has included an automotive night vision system and keyhole surgery equipment.
The acquisition of the IEA Environmental and Systems divisions will allow GX to enter new markets and strengthen its existing market position.
The two divisions focus on providing monitoring and software solutions for the water industry globally and automation, control and IT solutions for the manufacturing marketplace.
"Our business is based on the ability to design and engineer ideas for a whole range of clients operating in a diverse range of industries and disciplines.
Our designers and engineers use leading edge technology to bring creativity, innovation and focus to client projects and the addition of the two divisions into GX will enhance our already well established reputation" said Mark Helmich of GX Design Engineers: "When we identified the opportunity to acquire the two divisions we needed to source funding to support the project within an extremely limited timescale.
The quick turn-around of the AIG from the Welsh Assembly Government and the investment from Finance Wales was crucial in allowing us to proceed with the acquisition".
The acquisition has secured 14 jobs.
Andrew Coles, Investment Executive at Finance Wales, said: "Timing was critical on the deal and working closely with Frank Edwards of CODA we were able to tailor an investment package that suited the GX Design Engineers requirements.
We'll continue to work with GX to ensure it realises its growth potential through this expansion".
Finance Wales provides commercial funding to small and medium-sized businesses throughout Wales, enabling them to realise their potential for innovation and growth.
Utilising a range of funding opportunities and commercial expertise, Finance Wales tailors a solution to a client's need through a flexible and focused approach.
Established by the Welsh Assembly Government, Finance Wales is backed by private and public sector funding in addition to European funding and works closely with other public sector organisations, banks and private sector investors.
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