Horsham, West Sussex, UK, July 10, 2008 --[ASDWire]-- Chess Dynamics, market leader in Electro Optical Directors (EOD), positioners and rotary platforms announces investment and partnership deal with private equity and investment banking firm Beringea.
The company said its growth has been fueled in part by its successful delivery of sophisticated sub-systems on major international military programmes. This additional support will assist the funding of a number of new products and applications such as;
- Spyder - situational awareness surveillance solutions
- Cobra - medium duty vehicle electro-optical platform system
- Spika HMI - adaptable operator control consoles
- Piranha IR. - range of compact uncooled thermal imagers
(Chess will be exhibiting these and unveiling new developments at Farnborough International Airshow 14th - 20th July - Stand E16/11)
Chess MD and Founder Graham Beall comments “We’ve consistently invested in developing the business and this deal is a natural extension of that strategy. Going forward we’ll be maximising our capability for fast and efficient development of quality new products to retain our technical leadership in our sector of the defence industry. We are frequently being asked to bid on larger more complex contracts and the partnership with Beringea will assist Chess in supporting new and exciting opportunities”.
Ultimately this investment will accelerate Chess’ growth and further expand its product offering and technical support to its customers, in what is a fast growing sector of the defence market. This is especially so with the move towards greater situational awareness within the battlefield and increasing use of unmanned or low-manned vehicles driving demand for our type of product.
MD of Beringea, Stuart Veale, added “This is an exciting investment for Beringea. Chess Dynamics is a clear leader in its field and is led by a strong and experienced management team. Our investment will enable Chess to increase capacity to meet the rapidly growing demand for its products in the UK. We believe that there is great potential for further growth, both from existing and new products and from further geographical expansion.”
Jeff Perrin, Chess chairmen summarises “Chess Dynamics has a well deserved reputation in the industry for high levels of quality and customer support and, at a time when demand for the company’s products have never been greater, this investment and commitment will enable the company to expand it’s offering to a wider customer base, whilst maintaining within the company their strong ethos of high quality and first class support”.
Notes to editors
To strengthen the management team, Jeff Perrin has been appointed non-executive Chairman. Perrin was formerly Chief Executive of Radstone Technology PLC. Alastair Craig joins as interim Financial Director and Stuart Veale as non-executive Director.