With a combined turnover of over £50 million, the acquisition creates one of the largest ECM operators in the UK while generating a total return on investment of 2.85x for Maven’s investors.

Based in Livingston, CBT provides high reliability electronics capable of operating in the harshest of environments, including extremes of temperature, pressure and vibration.

Maven initially backed a buy-in management buyout (BIMBO) of CBT in 2014, following the retirement sale from the company’s founders. As part of the original transaction, Maven assembled a new executive management team led by CEO John Cameron and CFO Graham Scott who continue to lead the business today, supported by group chairman Laurence Ormerod who will be retiring upon completion.

During Maven’s tenure, CBT invested significantly in its workforce which has more than doubled, while investment in production technology, including automated capabilities allowed the company to increase production capacity and expand into new vertical markets that require high-performance and reliable electronics.

Since the successful management buy-in, CBT has quadrupled its revenues and has established itself as a trusted partner within the contract electronics sector, serving global Original Equipment Manufacturers (OEMs) and Tier 1 firms across a variety of industries.

The acquisition of CBT by Elite is highly complementary, enhancing the combined group’s service capacity and capabilities while adding critical mass. As part of the transaction CBT will continue to operate from its headquarters in Livingston, with the enlarged group having access to new market, expanded resources and enhanced capabilities.

Alan Robertson, partner at Maven, said: “The transformation of CBT from what was essentially a lifestyle business to becoming Scotland’s largest independent electronics contract manufacturer has been incredibly rewarding to be a part of.

“John and Graham have done an exceptional job of professionalising the business and implementing a clear strategic plan that has consistently driven revenue growth. We are proud to have supported CBT’s growth over the past decade and are delighted to see it combine with Elite to become one of the largest ECM’s in the UK, while continuing to support its existing and growing customer base from Livingston.

“We wish John, Graham and all the staff at CB continued success and thank them for their significant efforts during our partnership.”

John Cameron, CEO at CB Technology, said: “We are delighted that the acquisition of CB by Elite has been finalised and we are extremely excited about the future potential and opportunities this will create for CBT’s employees and customers.

“The journey to get to this point has been immensely rewarding and could not have been achieved without the support and insight of Maven. Their team have been an integral part of the successful growth and development of the company over the last 10 years, and I would like to take this opportunity to extend our thanks to them for their unwavering support.”

Jonathan Balfour, CEO of Elite Electronic Systems, added: “This acquisition is a pivotal step for Elite as we continue to grow and innovate in the EMS industry. The addition of CB Technology’s specialised expertise and strong market presence will allow us to deliver even greater value to our customers.

“We are excited to welcome the CB team to the Elite family and look forward to achieving new heights together.”

Stefan Smith, investment director at Lonsdale Capital Partners, which supports Elite’s growth strategy, said: “We are thrilled to back Elite in this strategic acquisition. By joining forces with CB Technology, Elite is well-positioned to accelerate its growth trajectory and enhance its service offerings across key industries.

“This partnership underscores our confidence in Elite’s future and its potential for continued success.”