In line with its partnership with Castik Capital, The Carlyle Group (NASDAQ: CG) has agreed to acquire the Acrotec Group, subject to regulatory approvals where it is expected to close in Q1 2021. Acrotec supplies high precision industrial applications to watchmaking and MedTech industries such as the Automotive, electronics and Aerospace industries. Acrotec is also a leading supplier in the Swiss luxury watch making market that manufactures critical components for mechanical watch movements with big watch brands. The Carlyle Group will aid Acrotec in accelerating its growth plan. François Billig, founder and CEO of the Acrotec Group, said: “In Carlyle, I am delighted that we have found a partner that understands and appreciates the core values of the Group. This partnership, which represents an important milestone in Acrotec’s history, will significantly accelerate our growth and diversification plan while remaining loyal to our core business in high precision applications. Castik has been a valuable partner over the past four years, supporting the business to consolidate its leading position in mechanical watch making, and overseeing a key phase of its development, while respecting the values of the Group.”
Jonathan Zafrani, Managing Director of the Carlyle Europe Partners advisory team, said: “We were attracted to Acrotec given its strong entrepreneurial spirit, its market-leading positions in the growing Swiss mechanical watch market as well as for various Precision High-Tech applications, and the attractive growth opportunity in the global MedTech contract manufacturing market. The company has a strong reputation with its customers for manufacturing components that require the highest level of technology and craftsmanship. We are excited to partner with the Acrotec management team and look forward to leveraging our significant expertise in Industrials and Healthcare to support Acrotec’s future growth.”
Michael Phillips, Investment Partner and member of the Board of Managers of Castik Capital S.à r.l., said:
“It was a great pleasure supporting François and his entrepreneurial management team at Acrotec over the last four years. During Castik’s ownership, the company pursued an active consolidation strategy, acquiring 12 strategic add-ons and successfully expanding into the MedTech industry. We wish Acrotec all the best in the future and are confident that Carlyle is the right partner to further drive the company’s exceptional performance.”
Carlyle Europ Partners V will provide equity for the investment of €6.4bn in European market opportunities across a wide range of sectors and industries.