OEP portfolio company Spartronics acquires Primus Technologies
Spartronics, a provider of contract manufacturing and design services and a portfolio company of middle market private equity firm One Equity Partners (OEP), has completed the acquisition of Primus Technologies Corp.
Financial terms of the private transaction have not been disclosed.
Headquartered in Williamsport, Pennsylvania, andf ounded 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, defence, 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 US defence contractors strengthens Spartronics’ ability to design industry-specific solutions for a diverse range of manufacturers serving different end markets,” says 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,” says 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 US 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 defence supplier.