Cicor Expands into Sweden with Plans to Strengthen Market Position in Germany

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Cicor Group has acquired the Swedish development company Nordic Engineering Partner AB and thus establishes a significant presence in the Nordics. Additionally, Cicor is in advanced negotiations to acquire another German EMS provider.

The acquisition of Nordic Engineering Partner (NEP) AB gives Cicor a presence in Sweden, one of Europe's leading markets for advanced electronics in the healthcare technology, industrial and aerospace & defence sectors. The four engineering offices in the Stockholm area offer customised development services and prototype production for complex electronic systems. NEP has an attractive customer base in Cicor's target markets which, together with Cicor's existing customers, provides a strong platform for further growth. Nordic Engineering Partner has 45 employees and generated sales of SEK 52 million with an attractive operating margin in the last financial year ended 30 June 2024.

The integration of NEP is another important step in the transformation of Cicor towards becoming the leading pan-European electronics design and manufacturing partner in its chosen markets by 2028. Following the acquisition of Evolution Medtech (Bucharest, Romania) earlier in 2024, the acquisition of NEP again doubles Cicor's product development capacity and significantly broadens the portfolio of capabilities. The shareholders and management of NEP view Cicor as the ideal owner to continue NEP's journey from a small engineering firm to one of Sweden's leading electronics design houses. They will stay part of the team to support further development in alignment with Cicor's growth strategy. As part of the Cicor Group, NEP will continue to operate all sites in Sweden unchanged and with the existing staff, maintaining a clear focus on growth in Sweden, Norway, and Finland.

The target company in Germany is a service provider for the development and manufacturing of electronic assemblies and systems. Its long-standing customers include medium-sized companies and leading corporations, mainly in the industrial electronics and medical technology sectors. With its state-of-the-art machinery, excellent infrastructure, and further expansion reserves, this acquisition is an ideal next step in Cicor's growth strategy in Germany, Europe's largest electronics market. In the last financial year, the company generated sales between EUR 20-30 million with an operating margin at the level of the Cicor Group. The transaction is expected to be signed in the coming weeks, subject to the usual regulatory and other closing conditions and is expected to be completed in early 2025. With this acquisition, Cicor intends to further expand its market position in Germany while maintaining its focus on the three target markets of medical technology, aerospace & defence, and industry.

These transactions are another step on Cicor's path to becoming the leading pan-European development and manufacturing partner for sophisticated electronics. Cicor is committed to maintaining the highest service quality while expanding capabilities, ensuring that our valued customers continue to receive the highest quality solutions and support as we continue to expand our presence in key markets.