Senior management at Cork-based Excelsys Technologies Ltd have acquired control of the business in a transaction valued at close to €10 million. The deal has been backed by BlueBay Asset Management, a global investment group.

Excelsys is a leading designer and manufacturer of high power density, high-efficiency electronic power supplies used in a number of specialist markets including medical, industrial, military and communication sectors.

Its has sales in 40 countries and annual revenue of $15 million. The company, which has been through a number of iterations since the early 1990s, has enjoyed growth of 15 per cent a year in recent times.

The management buyout was led by chief executive Gary Duffy, who already owned about 20 per cent of the business. He and other senior managers have taken a majority stake in the company with its founders, brothers Frank and Séamus Devitt, significantly reducing their shareholdings as part of the transaction.

BlueBay stake

BlueBay is taking a small equity stake in the business via its Irish entity.This is the 13th transaction completed by this BlueBay entity since its launch in mid-2013, representing more than €190 million of committed loans in aggregate.

Excelsys serves original equipment manufacturers globally from its base in Cork, where it employs about 30 staff. These include GE Healthcare and Siemens Medical.

It also has a sales office in the United States, and has outsourced its electronics assembly to China.

Mr Duffy said the transaction would provide a stable capital structure to maintain the strong growth experienced over recent years.