Acquisition of MADES Strengthens Cicor's Pan-European Leadership in the Aerospace & Defense Sector
April 3, 2025 | CicorEstimated reading time: 1 minute
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.
Testimonial
"Advertising in PCB007 Magazine has been a great way to showcase our bare board testers to the right audience. The I-Connect007 team makes the process smooth and professional. We’re proud to be featured in such a trusted publication."
Klaus Koziol - atgSuggested Items
Cicor Completes Acquisition of MADES, Strengthens A&D Market Leadership and Sees No Material Impact from US Tariffs
08/04/2025 | Cicor Technologies Ltd.The Cicor Group announces the closing of the acquisition of 100% of the shares in Spanish electronics company MADES S.A.U., headquartered in Málaga (Spain), from the French Latecoere Group.
Cicor Grows Double-Digit Again and Creates Strong Foundation for Further Expansion
07/23/2025 | Cicor Technologies Ltd.In the first half of 2025, Cicor Group took a significant step towards its ambition of becoming the pan-European leader in its chosen markets as announced in the strategy 2028, expanding market presence into France and Spain.
Cicor Closes Strategic Partnership with Mercury and Strengthens Market Leadership in the European Defense Sector
06/03/2025 | CicorCicor Group announces today the successful completion of the strategic supply partnership with Mercury Mission Systems International S.A. (Mercury) announced in April.
Cicor Acquires Significant Business Activities of Éolane
04/21/2025 | CicorCicor Group announces that its offer for the acquisition of significant business activities of the French Éolane Group has been accepted by the Paris Commercial Court. This strategic transaction marks a milestone in the execution of Cicor's pan-European growth strategy and further strengthens its market leadership in the aerospace and defence sector.
Cicor, Mercury Enter Into a Strategic Supply Partnership
04/15/2025 | CicorCicor Group has entered into a strategic supply agreement with Mercury Mission Systems International S.A. (Mercury), a leading technology company active in the global aerospace and defence industry, under which Cicor will acquire a manufacturing operation in Plan-Les-Ouates (Switzerland).