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Invotec Group Ltd, a U.K.-based manufacturer of time-critical and technologically complex HDI, flex and flex-rigid printed circuit boards (PCB) and value-add assemblies for the defense, industrial and aerospace industries, was acquired by Amphenol Corp., one of the world's largest makers of interconnects and sensors, in late February.
"The acquisition strengthens Amphenol’s global capabilities and product offering in the defense, industrial and aerospace industries," said Amphenol President and Chief Executive Officer R. Adam Norwitt in a statement. "The electronics revolution continues to accelerate, with new applications and higher performance requirements driving increased demand for our high technology products across all of our end markets."
Mooreland Partners has acted as the sole financial advisor to the shareholders of Invotec on the sale of the company to Amphenol.
"We were delighted to have this opportunity to work with Rubicon Partners and Grovepoint, as well as the management of Invotec Group on this very successful transaction. Given Amphenol's strong global presence serving defense, aerospace and industrial customers and its PCB fabrication expertise in North America, Invotec will provide a very strategic platform for Amphenol to expand its presence in the European market," said Robert McNamara, Managing Director, Mooreland Partners.
Amphenol recently reported sales of $1.327 billion for the first quarter of 2015, up from $1.246 billion in the same period last year. Currency translation had the effect of decreasing sales by approximately $50 million in the first quarter of 2015 compared to the 2014 period. According to Norwitt, sales growth was driven primarily by strength in the automotive, industrial, IT data com and mobile device markets. This growth was driven both organically and through the company's successful acquisition program, partially offset by the negative impact of translation from a stronger dollar.
"Our ongoing actions to enhance our competitive advantages and build sustained financial strength, as well as our initiatives to broaden and diversify our high technology product offering, have created a solid base for future performance. I am confident in the ability of our outstanding management team to dynamically adjust to the constantly changing market environment, to continue to generate strong profitability and to further capitalize on the many opportunities to expand our market position," said Norwitt.