D&R TECHNOLOGY, LLC HAS BEEN ACQUIRED BY CTS CORPORATION (NYSE:CTS)
Birmingham, Michigan – December 21, 2012 – Angle Advisors is pleased to announce that CTS Corporation (“CTS”) has acquired D&R Technology, LLC (“D&R” or the “Company”) from Summit Strategic Investments, LLC (“SSI”), a fund principally backed by Wanxiang Group Corporation (“Wanxiang”). Angle Advisors acted as the exclusive investment banking advisor to the shareholders of D&R in completing this transaction.
Based in Carol Stream, Illinois, USA, with operations in the US and Mexico, D&R is a leader in the design and manufacturing of non-contact sensors, switches, and electromechanical assemblies for automotive and industrial applications. The Company’s sensors include speed/direction, current sensing, linear and rotary position, angular position, proximity, and temperature sensors for various applications, such as wheel speed, gear tooth speed and direction, transmission position and speed, throttle position, pedal position, fluid level, steering position, and belt tension applications. The Company’s switches comprise cylinder non-contact, seat belt non-contact, and electric parking brake non-contact switches for seat belt buckle sensors, electric parking brake sensors, ignition switches, programmable switches, seat track position sensors, and door latch applications. D&R also manufactures electromechanical assemblies, such as precision gear train, electrical, and mechanical subassemblies for various applications, such as power sliding door modules, power lift gate modules, horn mechanisms, buzzers and chimes, and adjustable pedal drive mechanisms.
Vinod Khilnani, President & CEO of CTS, noted, “This is a significant strategic acquisition for CTS. We are delighted to welcome D&R into the CTS family. It is an excellent fit and a synergistic addition to our faster growing Components and Sensors segment, bringing exciting new growth opportunities.”
Roger Brown, Chief Executive Officer of D&R, commented, “Our management team led by Tony Urban has grown D&R into a world class automotive electronics supplier. They are excited to leverage CTS’ extensive resources in continuing to execute their growth initiatives. We’d also like to thank the team at Angle Advisors who managed a highly strategic sale process with buyers from across the globe. Their industry knowledge proved critical in this deal and we are delighted with the outcome of Angle’s process.”
Based in Hangzhou, China, Wanxiang is the largest manufacturer of auto parts in China. Wanxiang offers universal joints, bearings, CV joints, drive shafts, auto batteries, shock absorbers, leaf springs, coil springs, brake discs, and tools. Wanxiang also engages in the businesses of renewable energies, financial services, agricultural products, natural resources, real estate, and private equity and venture capital investment. It serves customers in the United States, Canada, Latin and South America, and Europe. For additional information, please visit www.wanxiang.com.
Based in Nashville, TN, USA, SSI is a private investment company with diversified holdings in the auto supply and independent aftermarket sectors. SSI provides growth capital and a wide array of operational resources to a variety of investment and portfolio holdings and has been an active investor since 1999.
CTS is a leading designer and manufacturer of electronic components and sensors and a provider of electronics manufacturing services (EMS) to OEMs in the automotive, communications, medical, defense and aerospace, industrial and computer markets. CTS manufactures products in North America, Europe and Asia. CTS' stock is traded on the NYSE under the ticker symbol "CTS.” For additional information, please visit www.ctscorp.com.
Angle Advisors, with offices in the United States, Germany, the United Kingdom, and China, specializes in mergers and acquisitions with a particular emphasis on the vehicular and industrial sectors. The firm's 32 professionals have completed 74 M&A transactions since the beginning of 2009 for multinational corporations, privately-held companies, private equity funds and public sector clients. For additional information, please visit www.angleadvisors.com.
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