A Gloucestershire-based manufacturer has been sold for more than £4million.

Andoversford-based Positek, who market themselves as the UK's leading position sensor manufacturer have been acquired by discoverIE in a deal that could be worth £4.6million.

Based on the Andoversford Trading Estate, Positek make position sensors for use in the aerospace, motorsport and medical sectors.

They have been trading for more than 25 years and with the expertise and access to wider markets with all 12 employees transferring over to the DiscoverIE group.

DiscoverIE have also paid an initial £4.2million for Positek with an extra £400,000 contingent cash consideration payable subject to integration and profit targets.

DiscoverIE have also paid £11.7 million with a further contingent cash consideration of £3.1m to acquite Hobart, a US-based designer of custom transformers, inductors and magnetic components.

Nick Jefferies, group chief executive of discoverIE said: "The acquisitions of Hobart and Positek continue our strategy of building a higher margin, international Group that designs and manufactures customised electronics.

"Both companies have long-established track records of supplying high quality products into their respective markets.

"As part of the Group, both companies will gain access to our wider base of customers and with it, new sales opportunities... and new cross-selling opportunities.

"We are delighted to welcome Hobart, Positek and all their employees into the Group."