Laird Limited, which is backed by Advent International, has agreed to sell its Connected Vehicle Solutions business to Molex Electronic Technologies. No financial terms were disclosed. Evercore provided financial advice to Molex while Goldman Sachs and Citibank did likewise for Advent. CVS is a provider of end-to-end connectivity technology for the automotive industry.
September 28, 2018 – Laird Limited (owned by funds managed by Advent International) today announced it has agreed to sell its Connected Vehicle Solutions (“CVS”) Business to Molex Electronic Technologies, LLC, a leading global manufacturer of electronic solutions.
Connected Vehicle Solutions is a leading global provider of end-to-end connectivity technology for the automotive industry, including antennae, smart device interfaces, and telematic control units to auto manufacturers in the U.S., Germany and Asia.
Advent International, one of the largest and most experienced global private equity investors, had announced it was planning to divest of CVS as part of its acquisition of Laird PLC in June 2018.
Commenting on the sale, Tony Quinlan, CEO of Laird, said: “As a business within a fast growing and dynamic market, I am delighted that we have found a strong owner for CVS. As a distinct business within Laird, our new owners Advent International were clear that CVS would benefit from an owner with the scale and balance sheet to further innovate and invest, allowing CVS to achieve its considerable potential.”
At 31 December 2017, CVS had revenues of $410.6m and net assets of $209.8m.
The sale is subject to regulatory approvals in the US, Brazil and several European countries. Closing is expected to take place sometime at the end of Q4 2018 or early in Q1 2019.
Jones Day acted as Molex’s legal advisor and Evercore served as financial advisor. For Advent, Weil Gotschal acted as legal advisor and Goldman Sachs and Citibank as financial advisors. Financial terms of the transaction were not disclosed. The transaction is subject to customary regulatory clearances.
Laird is a global technology company (owned by funds managed by Advent International) providing systems, components and solutions that protect electronics from electromagnetic interference and heat, and that enable connectivity in mission-critical wireless applications and antennae systems. www.lairdtech.com
Molex Electronic Technologies
Molex brings together innovation and technology to deliver electronic solutions to customers worldwide. With a presence in more than 40 countries, Molex offers a full suite of solutions and services for many markets, including data communications, consumer electronics, automotive, industrial and medical. For more information, please visit www.molex.com.
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 335 private equity transactions in 41 countries and as of March 31, 2018, it had €33 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 190 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including industrial; business and financial services; healthcare; retail, consumer and leisure; and technology, media and telecom. After more than 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.