Firstronic, LLC has been sold to LACROIX Group (ENXTPA:LACR) and Bpifrance
Firstronic is an electronic manufacturing services (EMS) supplier to the automotive space and Tier 1 suppliers whose products are found predominately in emerging, fast growing applications, such as light emitting diode (LED) lighting, electronic shifters and connectivity solution products. With the growing popularity of LED applications, Firstronic has been able to leverage its expertise in automotive LEDs, making it a trusted partner for LED applications in automotive and other markets. Firstronic can count on a workforce of 1,300 people and is headquartered in Grand Rapids, Michigan, with an additional manufacturing facility in Juarez, Mexico.
Majority control of Firstronic was sold to LACROIX with a minority investment by Bpifrance, the French national investment bank. Lincoln has had a long relationship with Firstronic since it was a very small company. Lincoln provided advice to the company throughout its growth phase and was well equipped to optimally position the company, leveraging its knowledge of the company and expertise in automotive and electronics manufacturing services industries.
Jack Calderon, Managing Director in Lincoln’s Technology, Media & Telecom Group, commented, “Firstronic, led by John Sammut, capitalized on favorable EMS trends that were driven by the Electronic Supercycle. The company’s strategy is focused on transformative technological changes in the automotive industry from an EMS perspective. Combining Lincoln’s automotive and EMS expertise allowed us to execute on a robust sales process, reinforcing the firm’s strength in the EMS space with six deals closed in 2021.”
LACROIX is a publicly listed, family-owned, middle capitalization company that designs and manufactures electronic equipment for its customers’ products as well as industrial internet of things, such as hardware, software and cloud, and artificial intelligence solutions, particularly in the industrial, automotive, home automation, avionics and health sectors. LACROIX also provides safe, connected equipment for the management of critical infrastructures, such as smart roads: street lighting, traffic signs, traffic management and V2X, and the management and operation of water and energy systems.
Bpifrance Investissement is the management company that handles Bpifrance’s equity investments. Bpifrance is the French national investment bank. It finances businesses at every stage of their development, including through loans, guarantees, equity investments and export insurances. Bpifrance also provides extra financial services training and consultancy to help entrepreneurs meet their challenges.
The Lincoln team's commitment, hard work and exceptional strategic advice was instrumental throughout the sale process. Lincoln provided valuable industry expertise and guidance. The senior teams’ hands-on approach at each stage of the process, enabled us to successfully convey Firstronic's value to the market and navigate the complexities of a cross-border transaction with a listed acquirer.
Meet our Senior Team
View More Transactions in Technology, Media & Telecom
Lincoln International advised Ciklum, a portfolio company of Recognize Partners, on acquiring Infogen Labs
Lincoln International advised Bridgepoint Development Capital on a strategic investment in Kerv Group
Lincoln International advised Comply365 on merging with Vistair Systems alongside a strategic growth investment from Insight Partners and Liberty Hall Capital Partners
Lincoln International advised Ovarro, a portfolio company of FFL Partners, on its refinancing
Lincoln International advised Seidler Equity Partners on the sale of Hal Leonard to Muse Group, with growth investment from Francisco Partners
Lincoln International advised founders and private shareholders on the sale of a majority stake in Eagleprojects to Palladio Holding
Lincoln International advised Resurgens Technology Partners on its acquisition of Valant
Lincoln International advised Zilliant, a portfolio company of Madison Dearborn Partners, on the acquisition of In Mind Cloud
Any information or testimonials contained in this post may not be representative of the experience of other clients and is no guarantee of future performance or success.