Latecoere, a leading partner of major international aircraft manufacturers, today announces that it has entered into definitive transaction documentation with American Industrial Acquisition Corporation (“AIAC”) to acquire Malaga Aerospace, Defense & Electronics Systems (“MADES”). This acquisition is the third external growth transaction since the capital increase completed in August.
MADES is an electronics manufacturing services (“EMS”) provider focused on printed circuit boards (“PCB”) for high reliability applications across defense (~80% of sales), commercial aviation and industrial end markets (~20% of sales). MADES operates out of one site in Malaga (Spain) and employs circa 100 highly skilled staff.
The acquisition of MADES provides Latecoere with vertical integration opportunities, better meeting the full product requirements of its Electrical Wiring Interconnection Systems (“EWIS”) customer base. MADES also provides Latecoere with new solutions to serve the future generation aircraft.
Thierry Mootz, Chief Executive Officer of Latecoere, stated: “I am delighted with this transaction. This is great news and an exciting adventure for both management teams and employees. MADES is a market-leading company with effective management and first quartile operational and customer performance. Following the acquisitions of SDM in Mexico, and TAC in Belgium, this is the third acquisition since the capital increase completed in August. MADES is developing our position in the US Defense market segment and will create significant synergies within Latecoere’s Interconnection Systems division as well as reinforcing our # 1 position for avionic racks. We are continuing to accelerate the external growth strategy announced at the time of the capital increase, and are thus realizing our ambition to serve the aerospace industry with innovative solutions for a sustainable world.”
Leonard M. Levie, Chairman of AIAC, stated, “This transaction marks an important milestone for MADES and its stakeholders. We are justifiably proud of the achievements of the MADES team. Latecoere is an exceptional company within the aerospace industry, and its stewardship will allow MADES to climb to new heights.”
Latecoere will provide further market disclosure upon closing of the transaction, which is subject to a number of commercial and regulatory conditions precedent, including the approval by the Spanish Council of Ministers pursuant to defense foreign direct investment regulations, which is anticipated during H1 2022.
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