One Equity Partners, a middle market private equity firm, today announced that it has completed the acquisition of a 29 percent stake in Cicor Technologies Ltd., a Swiss provider of electronic manufacturing services, 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. 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 Cicor’s board of directors.
“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.