An affiliate of both Sun Capital Partners, Inc. (“Sun Capital”) and Sun European Partners, LLP (“Sun European Partners”) has announced 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 recognised 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 centres 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.