Transformational Acquisition to Expand Global Electronics Manufacturing Business and OEM Customer-Base
NEW YORK – One Equity Partners (“OEP”), a middle market private equity firm, today announced that its portfolio company Spartronics (“the Company”), a contract manufacturer of complex electronic and electromechanical devices for commercial aerospace, defense, space, instrumentation and control, life sciences and medical device applications, has completed the acquisition of Inovar, Inc. (“Inovar”). Financial terms of the private transaction were not disclosed.
Headquartered in North Logan, Utah, Inovar provides engineering, manufacturing, product assemblies and aftermarket services that are used by original equipment manufacturers (OEMs) in the aerospace, defense, medical and industrial markets. Founded in 1998, Inovar is a leading independent Tier 3 electronics manufacturing service (EMS) player in the Rocky Mountain region, operating two state-of-the-art facilities in North Logan, Utah and Tecate, Mexico to support the requirements of their OEM customers.
“We are thrilled to accelerate the growth of Spartronics by identifying and completing the transformational acquisition of Inovar, a deal that reflects OEP’s strategy of transforming middle market businesses into market leaders,” said Chip Schorr, Senior Managing Director at OEP. “We believe that Inovar’s deep expertise within the aerospace and defense sectors will allow Spartronics to better serve our customers in these industries,” added Charlie Cole, Principal at OEP.
Since OEP completed the successful carve-out of Spartronics in July 2020 to establish the Company as a standalone business, Spartronics has completed the two transformational acquisitions of Inovar and Primus Technologies Corp., a provider of engineering, manufacturing, and testing services for OEMs in the aerospace, defense, medical and complex industrial markets. Today the Company operates eight manufacturing plants in the U.S. and one in Vietnam.
“Inovar is the Rocky Mountain leader for full-service Tier 3 EMS,” said Paul Fraipont, President and CEO of Spartronics. “It focuses on the same core market verticals as Spartronics, which has a very strong position in aerospace and defense. Acquiring Inovar sharpens our focus on those core market verticals. Inovar’s attractive near-shore footprint in Tecate, Mexico, complements our unique and growing off-shore capability in Vietnam.”
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.
Spartronics provides comprehensive contract manufacturing services, ranging from printed circuit board assembly (PCBA) and subsystem integration to full-box build (high-level assemblies). Additional services include engineering support such as manufacturing testing, supply chain management, sustaining engineering, and a suite of aftermarket services to support the full OEM product lifecycle.
With over $500 million in revenue, approximately 1,700 dedicated employees, and manufacturing resources strategically located worldwide, our manufacturing network spans the United States, Mexico and Vietnam. Our engineering support is based in the United States and is available for product development, manufacturing readiness and ramp to production.