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Sun Capital Partners Affiliate Agrees to Sell C&K for $540 Million
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Sun Capital Partners announced an agreement to sell C&K, a manufacturer of electromechanical switches, to Littelfuse (NASDAQ: LFUS) for an enterprise value of $540 million. C&K, established in 1928 and based in Waltham, Massachusetts, has achieved significant growth, nearly doubling its EBITDA and improving margins by over 400 basis points since its acquisition by Sun Capital in 2017. Notably, C&K completed two strategic acquisitions during this period, enhancing its market positioning, particularly in aerospace and defense sectors.
Positive
C&K nearly doubled EBITDA since its acquisition by Sun Capital in 2017.
Improved EBITDA margins by over 400 basis points.
Completed two strategic acquisitions, increasing exposure to aerospace and defense.
Negative
None.
Leading Manufacturer of Electromechanical Switches to be Acquired by Littelfuse, Inc.
C&K Poised for Future Growth Following Strategic Acquisitions, Operational Improvements
BOCA RATON, Fla.--(BUSINESS WIRE)--
Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm focused on defensible businesses in growing markets with tangible performance improvement opportunities, today announced that an affiliate has signed a definitive agreement to sell C&K (or “the Company”), a manufacturer of high-quality electromechanical switches, to Littelfuse, Inc. (NASDAQ: LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, for a total enterprise value of $540 million. Sun Capital was advised by its European affiliate, Sun European Partners, LLP, in connection with this transaction.
Founded in 1928, C&K has been at the forefront of technological evolution in electromechanical switches. The Company is a leading global provider of critical, highly-engineered electromechanical switches and interface technology solutions for essential applications in industrial, transportation, aerospace, and datacom products, and other industries. The Company is headquartered in Waltham, Massachusetts, with operations in France, Germany, India, Vietnam, and China.
“We were very pleased to collaborate with C&K’s management team to accelerate growth across the organization, implement key operational improvements and position the business for future success,” said Marc Leder, Co-Chief Executive Officer of Sun Capital. “We were also able to draw on our strong sector expertise to help C&K management capitalize on M&A opportunities and establish a culture of continuous improvement that will serve the Company well as it moves forward in partnership with Littelfuse.”
Since its acquisition by an affiliate of Sun Capital in September 2017, C&K nearly doubled EBITDA and improved EBITDA margins by over 400 basis points, demonstrating the impact of Sun Capital’s value creation and operational initiatives. Together with Sun Capital, C&K created a more agile sales function, developed new products by investing in new machinery, pursued strategic M&A, and added highly qualified senior management, including a new CEO, Lars Brickenkamp, who brought 25 years of relevant industry experience to the Company.
C&K successfully completed two strategic add-on acquisitions during Sun Capital’s ownership. In 2018, C&K acquired Vuillermoz, a micro-mechanical components and tooling company, which helped eliminate a tool shop bottleneck the Company had been experiencing. In 2021, C&K acquired EIS Electronics, a producer of cable and connector assemblies, increasing C&K’s exposure to the high value aerospace and defense sector.
“Under Sun Capital’s stewardship we have achieved remarkable success and are proud that C&K is now a clear industry leader in the design and manufacturing of micro-miniature tactile switches,” said Brickenkamp. “Their operational and industry expertise, paired with our unerring dedication to complete customer satisfaction, enabled us to accelerate C&K’s growth. We are confident that C&K will continue to enjoy success under the ownership of Littelfuse.”
About Sun Capital Partners, Inc. Sun Capital Partners, Inc. is a global private equity firm focused on partnering with outstanding management teams to accelerate value creation. Since 1995, Sun Capital has invested in more than 465 companies worldwide with revenues in excess of $50 billion across a broad range of industries and transaction structures. The firm has built a reputation as a trusted partner, recognized for its operational experience. Sun Capital focuses on defensible businesses in growing markets with tangible performance improvement opportunities in the Business Services, Consumer, Healthcare, Industrial, and Technology sectors. The firm has offices in Boca Raton, Los Angeles and New York, and an affiliate with offices in London. For more information, please visit www.suncappart.com.
About Sun European Partners, LLP Sun European Partners, LLP is a leading private investment advisory firm, focused on partnering with outstanding management teams to accelerate value creation. Since 1995, affiliates of Sun European have invested in more than 465 companies worldwide with revenues in excess of €40 billion across a broad range of industries and transaction structures. The Firm has built a reputation as a trusted partner, recognised for its operational experience. Sun European focuses on defensible businesses in growing markets with tangible performance improvement opportunities in the Business Services, Consumer, Healthcare, Industrial, and Technology sectors. Sun European Partners has offices in London and affiliates with offices in Boca Raton, Los Angeles, and New York.
