Lawrence, Mass. – Adrian Pyke, a North Shore-based electrical engineer has acquired Sanchez Associates of Lawrence from its founder, Albert Sanchez of Newburyport.
Going forward, the company will operate under the name Sanchez Microelectronics and will continue to provide hybrid integrated circuitry components used in the aeronautics, aerospace and defense sectors.
The company produces hybrid integrated circuits, which are compact electronic devices performing a range of functions in applications where space is a premium and where reliability is absolutely critical. Its products can be found in a variety of military and civilian applications, particularly avionics. It is certified as a military preferred supplier.
“I look forward to building and expanding the solid company built by Al Sanchez, and to expand our market reach into new areas of business,” said Pyke, the new owner. “I am particularly pleased that the entire production staff will be retained, which preserves the company’s expertise and quality control techniques without interruption.”
Although he relinquishes the CEO role, Sanchez will remain actively involved through a transition period and will also consult as needed in the future, assuring a continuity of service to current and future customers.
“Through the years we have developed excellent customer relationships, and I believe they will be pleased with my successor’s commitment to timely delivery of quality products,” said Sanchez, who started the company in 1982.
The ownership transition was coordinated by Ken Schaefer, deputy director of Business Transition Strategies (BTS) and John Howe, director. BTS focuses on the sale and development of privately owned manufacturing and service companies across Northern New England.
“We began this engagement in April, and have worked hard for our client – the company founder – through negotiations and ultimately the signing of the sale agreement,” said Schaefer.
“Our goal is to find new owners for well established companies, preserve the jobs they provide and help foster economic development through the private sector,” added Howe.
Pyke worked with Steven Smith of Business Transfers and Strategies, a Burlington, MA based firm specializing in buyer search and acquisition services. Previous to his current role, Pyke served as CEO for an international company supplying capital equipment to the semiconductor and hard disk drive industries.
Financing for the transaction was provided by Centrix Bank of Bedford, N.H. which was represented by Kevin Finke, vice president and commercial loan officer.
Business Transition Strategies based in Pembroke, NH, helps privately owned companies prepare for a transition in ownership and then represents the company through the sales process. Its team provides advisory services, valuation analysis, strategic planning, and merger and acquisition services with a focus on companies based in northern New England.