Browne Jacobson aids Rcapital in sale

25 Mar 2026Announcements

Browne Jacobson has successfully guided Rcapital in selling Surface Technology International to NOTE UK Holding Limited

Browne Jacobson has provided legal counsel to private investment firm Rcapital on the sale of its portfolio company, Surface Technology International Limited (STI), to NOTE UK Holding Limited, a subsidiary of Sweden-headquartered NOTE AB (publ) listed on Nasdaq Stockholm. This transaction showcases not only the firm’s expertise in handling complex operational and financial turnarounds but also represents Rcapital's successful exit from its investment in STI.

The deal indicates a robust investor interest in high-quality, specialised manufacturing businesses, especially those engaged in high-reliability sectors where the resilience of supply chains, technical skills, and long-term customer relationships are pivotal for creating value. “The sale of STI marks the culmination of a complex but highly rewarding operational and financial turnaround,” remarked Phil Emmerson, Partner at Rcapital, emphasising the successful transformation. He added, “This is an excellent outcome for Rcapital, and I’d like to thank both Lincoln International, Browne Jacobson and KPMG for getting this over the line.”

Founded in 1989, STI produces high-specification electronic solutions for customers in critical sectors, including defence and aerospace. Since its acquisition by Rcapital in 2023 through a corporate carve-out, the company has achieved a significant restructuring program, restoring customer confidence and strengthening its operational foundation. The acquisition by NOTE merges STI's established expertise in UK markets with NOTE’s expansive European EMS footprint and advanced manufacturing capabilities, creating a growth platform as demand surges in defence, aerospace, and secure electronics markets.

James Skivington, Partner at Browne Jacobson, commented, “We are pleased to have supported Rcapital on this exit. STI’s transformation under Rcapital’s ownership is a strong example of how focused investment and strategic repositioning can unlock value in complex carve-out situations.” He further noted that STI is "particularly well positioned” as demand grows for resilient manufacturing capabilities in critical supply chains.

Browne Jacobson’s team was composed of Corporate Partners James Skivington and Gavin Cummings and Senior Associate Rob Northall, alongside support from Paul Hill, Harry Rowe, and Rebecca Burge. Rcapital was also advised by Lincoln International LLP and KPMG, demonstrating a collaborative effort to ensure the transaction's success.

The firm has an established reputation for advising private equity investors and management teams throughout the investment lifecycle. It has successfully guided Rcapital on previous transactions, including the sale of Naysmyth Group, a specialist aerospace and defence business, and Trac Holdings, known for manufacturing precision-engineered components for the sector.

The trend of increased cross-border mergers and acquisitions within high-reliability sectors is likely to continue, driven by strategic buyers aiming for scale and access to resilient end-markets. As industries grow more interconnected, the role of specialist legal advisers like Browne Jacobson becomes ever more critical in facilitating these complex transactions

Legal News desk contact: editorial@solicitorsjournal.com

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