Astorg Partners to acquire the Microconnections division of FCI Group
Alongside the booming smart card market, its sales turnover has grown by 18% on average every year for the last five years. The divisions employs 670 people at two production sites, one is located in Mantes-la-Jolie, France (390 employees) and the other in Singapore (280 employees). The deal with Astorg will be financed with a buy-out debt of 320 million euros. As is the case in most of its portfolio companies, Astorg will propose a broad employee shareholding scheme.
“As the global leader in the manufacture of flexible printed circuits for smart card applications, it was essential for us to find the right partner to accompany MIC’s development plans”, said Christophe Duverne, CEO of Microconnections. “Astorg has a strong track record in developing the companies it invests in, while respecting their culture and social vision. Astorg has demonstrated solid expertise in technology companies. With their support, this spin-off will provide Microconnections with the right set-up to deploy its ambitious growth strategy.”
“Being part of Astorg’s portfolio will definitely open up increased opportunities for Microconnections to expand into new markets”, says Pierre Vareille, CEO, FCI Group. “Within the FCI context, Microconnections has been operating autonomously. As a stand-alone company, Microconnections will capitalize on its key assets and focus on further growth.”
The transaction should be completed by the end of October 2011.
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