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Goldman Sachs, GE Capital to Finance NATEL/OnCore Merger

March 31, 2015, 07:41 AM
Filed Under: Engineering

NATEL Engineering Company, Inc. and OnCore Manufacturing, LLC, both global suppliers of electronic manufacturing services (EMS), announced today that an agreement has been signed to merge the two firms. The merger will create a new EMS company with an expansive array of capabilities and an expanded manufacturing and technology portfolio to service critical customer needs.

The transaction is expected to close before the end of April 2015. NATEL has received a fully underwritten commitment from Goldman Sachs Bank USA and GE Capital Corporation to finance the transaction. B. Riley & Co., LLC acted as financial advisor for NATEL, and Lincoln International acted as financial advisor for OnCore.

The combined company will be one of North America’s largest Electronic Manufacturing Service companies building high-reliability low-to-medium volume and high-mix electronic subassemblies and systems with strategic market focus on the Medical, Industrial and Aerospace and Defense sectors. The new organization will have 13 manufacturing locations, approximately 3,750 employees, and annual revenue of approximately $770 million.

NATEL is recognized as America’s largest, most experienced private manufacturer of microelectronics for mission-critical high-reliability applications including large format lithium ion (Li-ion) assemblies for the International Space Station. NATEL is at the forefront of operational excellence and LEAN manufacturing practices in both its microelectronic and EMS solutions. OnCore’s full product life-cycle engineering services and robust processes and systems for the production of complex and highly regulated products are keys to its customer success. The combined company will offer a unique set of capabilities delivering vertically integrated engineering and manufacturing solutions to the Medical, Industrial and Aerospace and Defense markets with a North American footprint in corridors of innovation and manufacturing options in low-cost regions.

OnCore Manufacturing, LLC is a leading provider of product commercialization services for low-medium volume, high-complexity products to international blue-chip aerospace and defense, industrial, and medical companies.

NATEL is a major independent manufacturer of a wide variety of electronic products, providing high mix, low-to-mid volume production for its customers.

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