Capstone Partners, a leading U.S. middle market investment banking firm, in partnership with Aurignac Finance, located in Paris, France, 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.
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.
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.”
Capstone’s Tess Oxenstierna, Managing Director for Aerospace, Defense, Government and Security underscored the “collaborative nature between our colleagues in France, who spearheaded efforts with the Paris-headquartered client for a successful divestiture of its U.S. subsidiary. It was a delight to work on a cross border transaction with Aurignac Finance, especially Partner Raphael Brenier and his team.”
For TE Connectivity, FIRST will offer a strong strategic and complementary fit in the U.S. market with its Aerospace, Defense, and Marine business.
About TE Connectivity
TE Connectivity Ltd. (NYSE: TEL) is a global industrial technology leader in a broad range of connectivity and sensor solutions, proven in the harshest environments, enable advancements in transportation, industrial applications, medical technology, energy, data communications and the home. TEL has approximately 80,000 employees, including more than 7,500 engineers, in approximately 140 countries.