Acquisition of MADES Strengthens Cicor's Pan-European Leadership in the Aerospace & Defense Sector

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Cicor Group announces that it has signed an agreement to acquire 100% of the shares of Spanish electronics company Malaga Aerospace, Defense & Electronics Systems S.A.U. (MADES). With this planned acquisition, Cicor continues to build the leading pan-European platform for electronics design and manufacturing services for the fast-growing European defense market. Furthermore, entering Spain expands the addressed market of Cicor in its chosen applications.

MADES, based in Málaga (Spain), employs around 100 people and generated revenues of approximately EUR 29 million in fiscal year 2024. The company focuses on electronic solutions for the aerospace and defense industry, which accounts for well over half of its business. In addition, MADES supplies customers in the industrial and railway sectors. The company’s EBITDA margin is slightly above Cicor Group’s current level.

By entering the Spanish market, Cicor expands its footprint as a leading pan-European provider of development and manufacturing services for high-end electronics. MADES strengthens and expands Cicor’s customer base, particularly in mission-critical applications, and thus ideally complements Cicor's existing business. MADES will continue to serve its customers with the same dedication and maintain the high level of service and quality that has contributed to the company's excellent reputation in the market.

Closing of the transaction is subject to regulatory filings and approvals in the relevant jurisdictions and is expected in the second half of 2025. Financing is planned to be provided from existing credit lines.