New Investment Positions Leading Electronic Manufacturing Services Business for Transformative Growth in Highly Fragmented Market
NEW YORK – One Equity Partners (“OEP”), a middle market private equity firm, today announced that it has completed the acquisition of a 29 percent stake in Cicor Technologies Ltd. (“Cicor” or “the Company”) (SIX Swiss Exchange: CICN), a leading Swiss provider of electronic manufacturing services (“EMS”), to become the Company’s largest shareholder.
Founded in 1966 and headquartered in Boudry, Switzerland, Cicor is a leading international manufacturer of highly complex printed circuit boards, hybrid circuits and microelectronics and complete outsourcing services for electronic assembly and plastic injection molding. With over 2,000 employees across 10 production sites globally, the Company serves original equipment manufacturers in the medical, industrial, aerospace and defense markets.
“Cicor is a premier European EMS company that is well-positioned to pursue new opportunities in a highly competitive market, where its strong engineering and design capabilities differentiate it from others in this space,” said Chip Schorr, Senior Managing Director of OEP.
“We look forward to partnering with the talented management team, the Board of Directors and Cicor’s other shareholders, and providing the company with the resources to support and accelerate its growth, both organically and through OEP’s transformational acquisition strategy to create value for all stakeholders,” added Konstantin Ryzhkov, Managing Director of OEP.
As part of the transaction, OEP Senior Managing Director Norma Corio and Ryzhkov have joined the Board of Directors of Cicor.
"We’re excited to welcome One Equity Partners as a major shareholder in Cicor. They have deep expertise within the EMS sector and they share our growth vision for the business,” said Alexander Hagemann, Chief Executive Officer of Cicor. “OEP’s investment in Cicor will enable us to make the most of our robust pipeline of new business and evaluate potential strategic acquisition opportunities within the European EMS market.”
OEP has experience investing in and building EMS and technology manufacturers. Most recently, the firm acquired Spartronics, a U.S. provider of electronic manufacturing services to the aerospace, healthcare and industrial markets, which it develops as a separate North American platform.
About 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.
About the Cicor Group:
The Cicor Group is a globally active development and manufacturing partner with innovative technology solutions for the electronics industry. With about 2000 employees at ten production sites, Cicor offers highly complex printed circuit boards, hybrid circuits and printed electronics as well as comprehensive electronic manufacturing services (EMS) including microelectronic assembly and plastic injection molding. Cicor supplies customized products and services from design to the finished product from one source. The shares of Cicor Technologies Ltd. are listed on the SIX Swiss Exchange (CICN). For further information please visit the website www.cicor.com.