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Cornell Capital-Backed Lorom Merges with In-Tech
August 10, 2023 | PRNewswireEstimated reading time: 2 minutes
Lorom Holding Co., Ltd., a leading manufacturing solutions provider focusing on specialized cable manufacturing and assembly, today announced that it has merged with In-Tech Holdings (Cayman) Limited, an electronic manufacturing and development services company serving the automotive, aerospace, medical, marine, banking, security and wireless communication network industries. Terms of the transaction were not disclosed.
In-Tech is a global provider of customized interconnect solutions and electronic manufacturing services, specializing in demanding, fast-growing and highly regulated end markets. With a long history of product co-development, high-quality solutions and on-time delivery, In-Tech has established itself as a trusted partner of choice for customers, complementing Lorom's positioning in providing innovative solutions of cabling and interconnection to broad-based customers. Together, the combined company will offer both interconnect and contract manufacturing capabilities with a global network of facilities in the U.S., China, Malaysia and India.
In October 2019, Lorom partnered with Cornell Capital LLC ("Cornell Capital"), a private equity firm based in New York and Hong Kong, with a shared vision to accelerate Lorom's continued growth across Asia, Europe and North America and further strengthen its financial performance. In December 2022, Lorom acquired Segue Manufacturing Services ("Segue"), a leading North American electronics manufacturer, to expand Lorom's service offerings and diversify its global manufacturing footprint. With the addition of In-Tech, the combined company will be a vertically integrated, end-to-end manufacturing solutions provider of cables, PCBA and box build services.
"Today's announcement marks the creation of a one-stop-shop solutions provider, delivering customized solutions and services to our long-standing customer base," said John X. Zhang, Ph.D., Chief Executive Officer of Lorom. "We look forward to partnering with the talented In-Tech team to support our valued customers around the world and drive the next chapter of growth of the combined company."
"We are very excited about the opportunities that the combined platform is set to capture," said Albert Woon Wah Ho, Chairman of In-Tech. "The entire In-Tech team will stay on and continue to be key members of the enlarged management team."
"We are thrilled to support this merger and bring together a global network of strategically located manufacturing facilities and a diversified, stable base of blue-chip customers under John's leadership," said Allen Chu, Partner and Head of Asia at Cornell Capital. "We see significant business opportunities and synergies that can be realized by this merger, creating a manufacturing solutions provider with broad capabilities that is well-positioned to service fast-growing, highly regulated end markets."
BDA Partners is acting as financial advisor and Davis Polk & Wardwell LLP is acting as legal advisor to Cornell Capital and Lorom.
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