Smith & Williamson advises TMD Holdings Limited on its sale to Communications & Power Industries

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  • Published: Wed, 21 Jul 2021 08:08 GMT

TMD Holdings Limited (“TMD”) is a world-leading designer and manufacturer of technologically advanced microwave, radio frequency and high voltage equipment for radar, electronic warfare, communications, medical, EMC testing and scientific applications.

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Smith & Williamson worked with the shareholders of TMD to deliver a successful sale to Communications & Power Industries (“CPI”). CPI is a global manufacturer of electronic components and subsystems focused primarily on communications and defence markets. TMD brings new products and technological capabilities to CPI’s established portfolio of electronic components and subsystems.

Amanda Phillips, Director at Smith & Williamson, led the transaction supported by Joseph Sherry and Zach Francis, with further support from Oaklins’ Aerospace and Defence experts Stephen Perry and Jason Kimball. Amanda Phillips said “the shareholders of TMD were keen to find the right partner for the business to support the next phase of its growth and development. The addition of TMD to CPI will provide customers broader capabilities and more comprehensive solutions for radar, electronic warfare, communications, EMC testing and related applications.”

Peter Butcher and Howard Smith, joint shareholders of TMD said “appointing the Smith & Williamson and Oaklins team was crucial in running an international process. The hands-on approach and deal experience was key to overcoming challenges during the process and the team always went the extra mile to help us achieve our objectives. The shareholders are very pleased with the outcome and wish the parties well for the future”.

For further information please contact:

Amanda Phillips
Corporate Finance Director
M: + 44 (0)7455 838335

By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.

Notes to editors
Smith & Williamson is a leading financial and professional services firm providing a comprehensive range of investment management, tax, financial advisory and accountancy services to private clients and their business interests. The firm’s c1,800 people operate from a network of 11 offices: London, Belfast, Birmingham, Bristol, Dublin (City and Sandyford), Glasgow, Guildford, Jersey, Salisbury and Southampton. Smith & Williamson is part of The Tilney Smith & Williamson Group.

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Authorised and regulated by the Financial Conduct Authority. A member of Oaklins International Inc. Smith & Williamson Corporate Finance Limited t/a Oaklins Smith & Williamson is an independent firm which offers financial advisory services. It is a member of Oaklins International Inc., which comprises a number of firms around the world which are all separately constituted and regulated according to their local laws. Oaklins is a trade name owned by Oaklins Swiss Verein and licensed to Oaklins International Inc. They do not provide any financial advisory services themselves. Please refer to for legal notices. Oaklins Smith & Williamson is part of the Tilney Smith & Williamson group.

© 2021 Oaklins. All rights reserved. Oaklins is the collective trade name of independent member firms affiliated with Oaklins International Inc. For details of the nature of affiliation, please refer to Smith & Williamson Corporate Finance Limited t/a Oaklins Smith & Williamson is a private firm which offers financial advisory services.

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