A specialist electrical component distribution firm which supplies to respected broadcasters including BBC and Sky has been bought out by an American company.
Argosy Components Ltd – based in Long Crendon – was bought by Wisconsin-based IEWC Inc for an undisclosed figure in a deal overseen by financial advisor BCMS Corporate UK.
Mike and I are on an ‘ad hoc’ consultancy arrangement with IEWC and this will probably continue until the end of September.Ken Eckardt, company secretary
The firm sources and supplies the latest cutting edge cabling to broadcasting companies, such as audio connectors and fibre optic technology – some of which they use in their camera equipment
Argosy was set up in Beaconsfield in 1984 by Doug Jolly and Mike Purnell, and moved to Stokenchurch in 1991 before relocating to Long Crendon in 2003.
While Mr Jolly retired in 1993, Mr Purnell is still involved with the day-to-day running of the business, which has offices in Dubai and Kuala Lumpur.
Company secretary Ken Eckardt said: “Mike and I believe the sale is a fantastic opportunity for Argosy and the team we’ve developed over the years. IEWC have the drive, resources, structure and global presence to combine with Argosy and become a world leader in this industry.”
But now the company has sold to IEWC – whose UK offices are based in Somerset – will Mr Eckardt and Mr Purnell be putting their feet up?
Mr Eckardt said: “Mike and I are on an ‘ad hoc’ consultancy arrangement with IEWC and this will probably continue until the end of September.
“After that, we are looking forward enjoying more time with our families and travelling.”