Amphenol to Acquire Casco Automotive Group
Amphenol announced plans to acquire Casco, which manufactures data connectivity, power, charging, and sensor products.
Amphenol Corporation entered into a definitive agreement to acquire the Casco Automotive Group, a division of Cap-Con Automotive Technologies Ltd. (Cap-Con) for approximately $450 million (subject to customary closing adjustments). Cap-Con is owned by a private investment fund managed by The Jordan Company II, L.P. and Cap-Con management. The sale is subject to certain regulatory approvals and other customary closing conditions and is expected to close prior to year’s end.
Casco, headquartered in Bridgeport, Conn., is a supplier of highly engineered data connectivity, power, charging, and sensor products to the worldwide automotive market, with annual sales of approximately $220 million. Casco has facilities in the Americas, Europe, and Asia and employs approximately 1,300 people worldwide.
“We are extremely pleased to announce this agreement to add Casco to the Amphenol family,” said R. Adam Norwitt, Amphenol’s president and CEO. “We believe that Casco’s product offerings are uniquely complementary to our existing offering and represent a significant long-term expansion opportunity driven by the expansion of electronics across a broad set of applications in the automotive market. We look forward to working in partnership with Casco’s experienced management team to deliver additional high technology solutions to our customers. Consistent with our acquisition strategy and assuming a continuation of current economic conditions, we expect the Casco acquisition to be accretive to earnings per share in the first year post acquisition.”
Amphenol will provide further information regarding the acquisition at its regularly scheduled quarterly earnings call to discuss third quarter earnings on October 22, 2014.
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