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Cornell Capital-Backed Lorom Acquires Segue Manufacturing Services
February 21, 2023 | PRNewswireEstimated reading time: 2 minutes
Lorom Holding Co., Ltd., a leading manufacturing solutions provider focusing on specialized cable manufacturing and assembly, announced that it has acquired Segue Manufacturing Services, a global contract electronics manufacturer specializing in custom electromechanical, cable assembly and engineering services for the medical sector. Terms of the transaction were not disclosed.
With manufacturing operations in Billerica, Massachusetts; Xiamen, China; and Monterrey, Mexico, Segue is a global contract manufacturer specializing in complex electromechanical integration, cable, and harness assembly and engineering services for the medical, industrial automation, capital equipment, and device OEM end-markets. The transaction combines Segue's expertise in complex electromechanical and cable assembly with Lorom's operating excellence in wire and cable manufacturing, while enabling Lorom to expand its manufacturing footprint in North America and build out its leading vertically integrated platform at a greater scale.
In October 2019, Lorom was acquired by Cornell Capital LLC ("Cornell Capital"), a private equity firm based in New York and Hong Kong, with plans to accelerate the Company's continued growth across Asia, Europe and North America and further strengthen its financial performance.
"We are pleased to welcome Segue to the Lorom family and look forward to supporting its future growth," said Joyce Hsu, Chairperson of Lorom and Chair of Asia at Cornell Capital. "Segue's expertise in complex electromechanical and cable assembly is the ideal complement to our proficiency in wire and cable manufacturing. Segue will help us deliver an enhanced customer experience and broader reach with its leading position and exceptional reputation for quality within the North American marketplace."
"This strategic transaction provides Segue with a significant platform for growth, providing our customers with additional manufacturing capacity in Asia and India, as well future expansion in Mexico,” said Brian Desmarais, Chief Executive Officer of Segue. “With Lorom’s specialized expertise in engineering, interconnect solutions and cable manufacturing, Segue’s customers will benefit from our enhanced vertical integration capabilities. On the heels of our 30th anniversary, we couldn’t be more excited about the future of Segue."
"As demand for electrification around the world grows, Lorom and Segue represent two complementary businesses that are poised to capitalize on the increasing shift toward high-quality, outsourced manufacturing," said Allen Chu, Partner and Head of Asia of Cornell Capital. "We are confident that together, the combined global manufacturing bases will provide all customers with an enhanced and expanded service offering, and we look forward to working with the Lorom and Segue teams to drive strategic growth and strengthen the company's market position in key markets across the globe."
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