Capstone Headwaters advised FIRST Switchtech (“FIRST”) on its sale of its U.S. subsidiary DRI to TE Connectivity Ltd. (NYSE: TEL) (“TE” or “TE Connectivity”), a world leader in connectivity and sensors with a market capitalization of $33 billion.
Founded in 1954, FIRST’s subsidiary, DRI, specializes in the design and manufacturing of hermetically sealed relays and offers a complete range of products including time delay devices and mating sockets, for applications in demanding industries. DRI has a long-standing presence in the aerospace and defense sector and serves major players such as Boeing, Lockheed Martin and BAE Systems.
FIRST Switchtech CEO, Michel Nespoulous noted, the deal team “extensively contributed to this transaction thanks to its strong knowledge in the aerospace & defense sector, a comprehensive coverage of the potential buyers and a deep operational understanding of our business. Their full commitment was a key element for the success of the transaction.”
For TE Connectivity, FIRST will offer a strong strategic and complementary fit in the U.S. market with its Aerospace, Defense, and Marine business. “With this deal, TE strengthens its presence in the midrange power segment with an expanded product offering that will further enhance our ability to provide industry leading engineering and product solutions to address the needs of our customers,” notes Peter Lieffrig, TE Connectivity’s Vice President & General manager of AD&M’s High-Performance Group.