TEWKESBURY, UK – Trackwise Designs has conditionally acquired Stevenage Circuits for a total consideration of up to £2.46 million (US$2.96 million).

For the year ended Sept. 30, SCL achieved revenue of £6.5 million and adjusted EBITDA of approximately £360,000.

"We are pleased by the significant support shown by existing and new investors,” said Philip Johnston, CEO of Trackwise. “The acquisition of SCL extends our manufacturing capabilities, providing us with the capacity to deliver IHT series production, while diversifying our revenue streams and customer base. The SCL team brings additional depth to our technical, sales and operational expertise, and we look forward to welcoming them to Trackwise. With a broader platform from which to capitalize on the growing market awareness of IHT and an expanded team and customer base, we look to the future with confidence."

Trackwise has raised approximately £5.87 million in anticipation of acquisitions.

Ed.: £1 = US$1.21