Cicor Group Announces Acquisition of Phoenix Mecano Digital to Expand Electronic Manufacturing in Europe

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The Cicor Group announced the acquisition of 100% of the shares of Phoenix Mecano Digital Elektronik GmbH (PMDE) with sites in Thuringia (Germany) and Phoenix Mecano Digital Tunisie S.a.r.l. located in Borj-Cedria (Tunisia). With this acquisition, the Cicor Group is further expanding its Electronic Manufacturing Services (EMS) business in Europe's largest market for sophisticated electronics.

The sites acquired from Phoenix Mecano AG have been able to win some of the leading companies in Cicor's target market of medical technology as customers in recent years and expect revenues of more than EUR 30 million in the 2022 financial year. The EBITDA margin is expected to be at a level comparable to that of the Cicor Group. The German sites will be integrated into the organizational unit "Cicor Germany" of the Electronic Manufacturing Services (EMS) Division. The Tunisian site will also become part of the global production network of the EMS Division.

The acquisition will provide PMDE's customers with access to an extensive range of competencies in the areas of development, manufacturing and supply chain management, global presence, and synergies in material procurement. Cicor will benefit from PMDE's location in Tunisia, which is attractive due to its geographic proximity, availability of employees, and competitive cost structures.

The closing of the transaction is expected to be completed within the next 2 - 4 months and is subject to customary closing conditions. The transaction will be financed by funds from the issued mandatory convertible bond (MCB).

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