An affiliate of Sun Capital has acquired Newton, Massachusetts-based C&K Holdings, a maker of electromechnical switches. No financial terms were disclosed. Lincoln International managed the sale while Tikehau provided the financing for the transaction.
Boca Raton, FL – September 22, 2017 – An affiliate of both Sun Capital Partners, Inc. (“Sun Capital”) and Sun European Partners, LLP (“Sun European Partners”) today announces that it has acquired C&K Holdings, Inc. (“C&K” or the “Company”), one of the world’s most trusted brands of high-quality electromechanical switches. Terms of the private transaction were not disclosed.
C&K was founded in 1928 and has one of the industry’s broadest product portfolios, offering more than 55,000 standard products and 8.5 million switch combinations to companies that design, manufacture and distribute electronics products. In addition, the Company’s unmatched custom design capabilities are recognized globally by engineers who demand reliable switch performance.
The Company is headquartered in Newton, Massachusetts, with more than 1,500 employees working at its global design centers in Newton, Dole, France, and Huizhou, China. C&K delivers reliable, cost-effective and high-quality electromechanical switches to more than 20,000 customers in the industrial, automotive, aerospace, medical, consumer products, transportation and telecom industries.
“We are looking forward to partnering with the management team and providing advice and guidance in their efforts to expand the Company’s growth and market share,” said Marc Leder, Co-CEO of Sun Capital. “This transaction highlights Sun Capital’s global investment presence, and we’re excited about the opportunity ahead.”
Jerome Nomme, Managing Director at Sun European Partners said: “We are excited by the high potential of this investment. The electromechanical switch market is estimated to be worth €6 billion globally and is highly fragmented. We believe C&K can improve its strong market position and cement its status as the manufacturer of choice in the sector. We look forward to working with C&K in their efforts to accelerate the Company’s profitable growth.”
John Boucher, CEO at C&K added: “Partnering with Sun European Partners is an important milestone for C&K. Their investment is strong recognition of both the tremendous growth and success we’ve experienced – and agreement that our market leadership and unique capabilities have us positioned for future success. By combining our strengths with Sun’s, we gain the opportunity to expand into new markets and add even more innovative switch products to our existing portfolio.”
Sun Capital and Sun European Partners have significant experience in the engineered industrial products space through affiliated portfolio companies including Aclara, a world-class supplier of smart infrastructure solutions (SIS) to water, gas, and electric utilities globally; Flexitech, the leading global designer and supplier of high quality brake hose products for the automotive industry; and Flabeg, a tier-2 auto supplier of glass products.
The sale process was managed by Lincoln International and Sun European Partners was advised by Kirkland & Ellis, Ernst & Young and DLA Piper. Tikehau provided the acquisition financing.
About Sun Capital Partners, Inc.
Sun Capital Partners is a global private equity firm focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results. Sun Capital is a trusted partner that is recognized for its investment and operational experience, including particular expertise in the consumer products and services, food and beverage, industrial, packaging, chemicals, building products, automotive, restaurant and retail sectors. Since 1995, Sun Capital has invested in more than 345 companies worldwide with revenues in excess of $45 billion across a broad range of industries and transaction structures. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates in London and Shenzhen.
About Sun European Partners, LLP
Sun European Partners, LLP is a leading private investment advisory firm, focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results. Sun European is a trusted partner that is recognised for its investment and operational experience, including particular expertise in the consumer products and services, food and beverage, industrial, packaging, chemicals, building products, automotive, restaurant and retail sectors. Since 1995, affiliates of Sun European have invested in more than 345 companies worldwide across a broad range of industries and transaction structures with turnover in excess of €43 billion.
Further information on Sun European Partners, LLP is available at www.suneuropeanpartners.com.