Camelot Capital Partners, an investment management company, offered to acquire Synnovia, which manufactures high volume specialised components & consumables for niche applications and highly specialised designs, at a £49m ($59m) valuation. As at the date of the announcement, Barker Partnership (via Camelot, the 100% owner of Bidco) holds approximately 29.9% of Synnovia's existing issued shares. Commenting on the Offer, Keith Butler Wheelhouse, Non-Executive Director of Synnovia, said: "The Independent Synnovia Directors believe that the Synnovia Group has made sound investments in product development, geographic reach, production capacity and management capability in order to deliver long-term profitable growth. However, we recognise that this Business Growth strategy requires considerable patience and a long term orientation which many investors find challenging particularly in the current economic environment. Therefore, we believe that the value presented by the Offer is an attractive opportunity that may not be otherwise achievable in the near term."