Equity investment from the Midlands Engine Investment Fund (MEIF) managed by Midven will accelerate AES product development, recruitment & marketing
Birmingham – 1 October 2018 – Leading venture capital firm Midven has invested £250,000 into electronic design and development provider, Assembled Electronics Solutions Limited (AES). This investment follows Midven being appointed to manage the £35 million equity finance portion of the Midlands Engine Investment Fund (MEIF) in the West Midlands.
The investment will give Warwickshire-based AES capacity to recruit additional technical and sales staff over the next twelve months, accelerate product development, strengthen sales processes and expand marketing activities.
Established in 2012, AES focuses on providing outsourced electronic design and development services across a wide range of industries. They construct a diverse range of products, which include automotive lighting, medical equipment and security devices.
Midven’s investment coincides with AES’s desire to commercialise its range of proprietary technologies, which will complement both its design and production work.
Nigel Maris, Managing Director at AES, said: “This investment gives us a fantastic opportunity to develop and market strong internal IPR products and really progress our marketing activities. We’re looking forward to working with Midven, who will offer strategic advice, guidance and work in partnership with us as we work towards increasing our sales in the microelectronics and electro-mechanics industry.”
Midven has been investing in Midlands SMEs for more than 25 years across a broad range of sectors, including manufacturing, healthcare and software. It has a strong track record of high-value exits and has created more than 25 millionaires by delivering strategic support and advice. Midven was recently appointed to manage the £35 million equity portion of the Midlands Engine Investment Fund (MEIF) and is actively investing the funds throughout the West Midlands.
Surjit Kooner, Director at Midven, added: “AES has fantastic potential which, with added financial support, will continue to provide and create high-quality products and expand its development services across automotive, aerospace, medical and defence industries.”
Grant Peggie at the British Business Bank, said: “Electronic design is a highly-skilled industry with significant growth opportunities. Midven’s investment in AES demonstrates the type of innovative growing companies that the Midlands Engine Investment Fund has been set up to support. We look forward to seeing the next phase of AES’ business journey progress.”
Sean Farnell, Coventry and Warwickshire Local Enterprise Partnership Board Director, said: “It is great AES is expanding its business in Warwickshire and underlines its commitment to innovation, design and manufacture of which AES and the area as a whole are renowned for.”
The MEIF project is supported financially by the European Union using funding from the ERDF as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
About Assembled Electronics Solutions Ltd
AES was established in 2012 with a focus on creating value for clients, using innovation, design and technology to bring new products to market or to extend the life-cycle of existing products. With its origins in the UK manufacture of printed circuit boards for more than forty years, the AES ethos from the outset has been one of continuous improvement, investment and an open partnership approach with suppliers and clients who are actively encouraged to work closely with AES on an inclusive basis. To learn more information about Assembled Electronics Solutions Ltd, visit www.assembled-electronics.com.
Image:-AES Electronics’ programming and testing, which is carried out on a various computer aided design (CAD) packages and the outputs are used to drive PCB manufacture; automated surface mount assembly and automated optical inspection (AOI).