Lincoln Partners Represents Preco Electronics Inc. in the Sale of Their Morton Manufacturing Division to Vansco Electronics LP
June 3, 2005 Chicago, IL Preco Electronics Inc., a leading designer and manufacturer of electronics systems, has completed the sale of its Morton Manufacturing Division, an electronic manufacturing services (EMS) business, to Vansco Electronics LP, a world leader in the design and manufacture of rugged electronic systems and components for heavy equipment original equipment manufacturers (OEMs). The Morton Manufacturing Division employs approximately 200 people. Lincoln Partners initiated this transaction, assisted in the negotiations, and served as the exclusive financial advisor to Preco Electronics in this sale.
Commenting specifically on the transaction, Jim Bean, president and chief executive officer of Preco Electronics, Inc. said, Lincoln Partners extensive M&A expertise in the electronics industry was invaluable in executing this transaction. Their hands-on, dedicated approach to understanding our company and its business objectives was instrumental in identifying the right strategic fit for the Morton Division.
Based in Morton, Ill., the Morton Manufacturing Division is a full-service EMS provider. The Division offers surface mount (SMT), pin-through hole (PTH) and full-box build capability and it specializes in building ruggedized electronics. Among its largest customers is Peoria, Ill.-based Caterpillar, Inc.
The acquisition supports Vanscos plans for continued growth, both geographically and in product offering. Future plans include a combination of organic growth in the electronic controls business and an acquisition of one or more globally-located electronic control companies. Vansco expects to offer employment to all personnel at the Morton facility and plans to grow the workforce as it brings in additional business.
About Preco Electronics Inc.
Preco Electronics was founded in 1947 in Boise, Idaho. Preco Electronics is the inventor and original patent holder of the reverse motion alarm used in heavy transportation equipment. In 1986, Preco established the division in Morton, Illinois to provide electronic manufacturing services, including electronics design, manufacturing and support services, to leading OEMs.
About Vansco Electronics LP
Incorporated in 1980, Vansco Electronics LP is a leader in the design, manufacture, supply and maintenance of electronic instruments and controls to the global specialty on and off-highway vehicle and heavy equipment market. Today, Vansco serves a strong customer portfolio of top-tier, OEM manufacturers, many of whom are international leaders in their own markets. With headquarters in Winnipeg, Canada, Vansco Electronics LP has grown to more than 735 employees and over $100 million in sales with an international reputation for state-of-the-art products of the highest quality, customized to the needs of its worldwide markets.
About Lincoln Partners
Lincoln Partners is an investment bank specializing in mergers & acquisition services, and private capital raising. Lincoln Partners focuses on select industries including automotive, aerospace, building products, business services, chemicals, consumer products, engineered products, electronics, food products, and transportation. Headquartered in Chicago, Lincoln Partners is a leading middle-market M&A advisor. The firm's clients include major publicly traded companies, well-respected private equity firms and prominent entrepreneurial businesses. By committing hands-on senior banker attention, in-depth industry expertise and international resources to every transaction, Lincoln Partners produces outstanding results for its clients.
