UK manufacturer Axis Electronics sold to Swiss group
The acquisitionof Axis Electronics in Bedford is the first deal for the Swiss Cicor group to strengthen its position in the strategic target markets and expands its European footprint with a site in the UK.
Axis was founded originally as part of a large electronics business and spun out in 1995 as an independent, UK-based provider of electronic manufacturing services (EMS). Axis has significantly evolved over the years and is used by European companies, particularly in the aerospace and defence sectors.
The purchase boosts Cicor as a top 5 EMS provider in the aerospace and defence sector in Europe. The continued operation of the Bedford site and the inclusion of all 180 employees will ensure continuity for the long-standing blue-chip customer base.
The Axis facility in Bedford is approved by the UK’s Ministry of defence to handle protected information and products with Cyber security controls to support the UK Defence Cyber Protection Partnership (DCCP) Cyber security model, including Cyber Essentials Plus certification and the US Cybersecurity Maturity Model (CMM) aligning with NIST SP 800-171.
As part of its M&A strategy, Cicor plans to integrate Axis into the global engineering and manufacturing network of the Electronic Solutions division and thereby further strengthen Axis’ advantages to increase its market share in the UK and across Europe. The acquisition will increase Cicor group sales by approx. 15 percent a year.
The closing of the transaction is expected in 2021 and is subject to customary closing conditions. The details of the deal were not disclosed, but the Axis management team will individually become shareholders of Cicor and continue in their present roles, guaranteeing the sustainable strategic integration of the company into the Cicor Group.
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