CDR Manufacturing has been sold to KeyTronic Corporation
Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce the closing of the previously announced sale of CDR Manufacturing, Inc. (dba Ayrshire Electronics; “Ayrshire Electronics” or “Ayrshire”) to KeyTronic Corporation (NASDAQ:KTCC; “KeyTronic”), a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the U.S., Mexico and China, for $46.9 million in cash.
Ayrshire Electronics has annual revenue of approximately $120 million and provides printed circuit board assembly and other electronic manufacturing services (“EMS”) to a diversified customer base, including a number of large multinational companies. Ayrshire has positioned itself as a diverse, highly capable, full-service EMS company, offering cost-effective, end-to-end manufacturing solutions for industrial, building control, energy, metering and LED lighting applications, as well as a variety of others. Headquartered in Louisville, Kentucky, Ayrshire operates several EMS manufacturing facilities, logistics and sourcing units across North America, where the Company has developed a strong reputation, and a sourcing office in Taiwan.
“The Ayrshire team is looking forward to becoming a part of KeyTronic,” said Brian Porter, Chief Operating Officer of Ayrshire. “The strengths of the two companies are very complementary. Both companies have built their businesses on quality-focused cultures and on long-term, trusted customer relationships. Together, we can offer valuable new capabilities to our respective customers.”
Lincoln acted as exclusive financial advisor to CDR Manufacturing in this transaction, working closely with its management team during the sale process. Additional transaction assistance was provided to CDR by CFO Services LLC.
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