Mergers & Acquisitions

• Electronics manufacturer C-MAC gains strategic investor in Zobel Values
• Invensity responsible for commercial due diligence with focus on technologies and innovations

Wiesbaden, February 2017 – Fast-growing electronics manufacturer C-MAC, which has sites in Belgium and Canada, has found a new strategic majority investor in the form of Zobel Values AG. Zobel Values has come on board with a financial commitment in the double-digit million range and has plans for the long-term development and growth of this company at both locations. International technology and innovation consulting firm Invensity performed the commercial due diligence for the strategic partnership. Invensity specialises in due diligence processes where it is not just the backward-looking financial and market figures that play an important role, but above all the evaluation of technologies, innovations and future potential.

High-end electronics for specific requirements

The C-MAC Group has a history spanning 30 years and over 300 employees based at the locations in Ronse, Belgium and Sherbrooke, Canada. It is a leading independent supplier of electronics where exceptionally high levels of reliability and quality are paramount. These electronic products are used in a wide range of industries where requirements are exceptionally high in harsh environments subject to tough conditions in terms of temperature or mechanical and electrical requirements. In terms of technology, C-MAC is leading the way with thick film on ceramic substrates and direct bonded copper. Innovative, customer-specific solutions are developed and produced. In terms of customers, C-MAC has a solid customer base of blue-chip companies it can build on, and has worked with some of these companies for over 20 years. Zobel Values’ investment represents a milestone on the path to securing C-MAC’s future in the long term. Zobel Values pursues long-term goals with its diverse financial investments and participations. Its investments stand for “medium-sized enterprises, traditional values, productive workplaces and sustainable growth”.

Business strategy for the future

Zobel Values wants to continue C-MAC’s growth path. To do this, Zobel Values intends to build on the results of the commercial due diligence undertaken by INVENSITY, as well as on the potential for the future identified during this process. This involves the areas of technology, program management, sales and business development in particular. To support this, INVENSITY will also be holding strategy and planning workshops on implementation once due diligence has been completed. Due diligence is often seen as a necessary but inconvenient evil by sellers, but that is not the case here: According to Dr Magnus Göpel, Head of Direct Investments at Zobel Values AG, “even during the due diligence process, the future potential of the company being acquired, C-MAC, was plain to see.”

“We are extremely pleased to have laid the foundation for a partnership focused on long-term growth with our technology and innovation-based due diligence”, says Invensity CEO Frank Lichtenberg, who sees a growing demand for due diligence that goes far beyond conventional financial analyses. He explains: “Industry 4.0 has seen a realignment of industry, with past financial figures becoming less important than a company’s innovative capacity for the future. On the one hand, this is about technological developments, but on the other hand it is also about new business models and both the ability of management to identify these models and the flexibility of the company to implement them. The partnership between C-MAC and Zobel Values is an example of a relationship that incorporates all of these future-oriented aspects.“