Transformational Acquisition to Expand Presence in Aerospace and Defense Electronics Manufacturing
NEW YORK – One Equity Partners (“OEP”), a middle market private equity firm, today announced that its portfolio company Spartronics (“the Company”), a provider of contract manufacturing and design services, has completed the acquisition of Primus Technologies Corp. (“Primus Technologies”). Financial terms of the private transaction were not disclosed.
Headquartered in Williamsport, Pennsylvania, and founded in 1959, Primus Technologies provides engineering, manufacturing and testing services of circuit card assemblies and box builds for original equipment manufacturers (OEMs) in the aerospace, defense, medical and complex industrial markets. The company operates two facilities in the United States.
“The decades of precision engineering expertise Primus brings, coupled with its excellent logistic capabilities and relationships with major U.S. defense contractors strengthens Spartronics’ ability to design industry-specific solutions for a diverse range of manufacturers serving different end markets,” said Chip Schorr, Senior Managing Director at OEP.
“We’re thrilled to welcome Primus to Spartronics as we continue to provide high-quality contract manufacturing services that enable our blue-chip OEM customers to meet an ever-evolving range of mission-critical requirements,” said Paul Fraipont, President and CEO of Spartronics. “This transaction reflects OEP’s ability to identify strategically important acquisitions that build scale and accelerate growth.”
Spartronics operates eight plants in the U.S. and one in Vietnam that manufacture printed circuit card assemblies, sub-assemblies and full product assemblies, as well as provide aftermarket repair support. The Company’s products are used in the aerospace, healthcare and industrial end markets.
OEP has pursued investment themes in the electronics manufacturing industry since 2017 where it can execute its transformational acquisition strategy to accelerate growth and build market leaders. In July 2020, the firm established Spartronics as a standalone business following its acquisition through a corporate carve-out from Sparton Corp., a leading defense supplier.
About One Equity Partners
One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.
Spartronics is a leading player in comprehensive, highly complex electronics manufacturing services, ranging from printed circuit board assembly (PCBA) and subsystem integration to high-level product assembly. Our other services include product design, manufacturing testing, supply chain management, sustaining engineering, and a suite of aftermarket services to support the full product lifecycle. With over $400 million in sales, our network of production facilities includes locations across the United States and in Vietnam. Our engineering support is available for end-to-end product development, manufacturing readiness, and ramp to production. To learn more about Spartronics, please visit: https://www.spartronics.com.