Saline-based Saline Lectronics, an electronics manufacturing service provider, has been acquired by New Hampshire’s Emerald Electronics Manufacturing Services, a portfolio company of Florida’s New Water Capital. Details of the transaction were not disclosed.
“Our partnership with Emerald EMS will allow us to offer our customers expanded capacity as well as access to lower-cost options through Emerald’s Shenzhen, China, manufacturing facilities, while Emerald gains a strong Midwest presence,” says Mario Sciberras, president and CEO of Saline.
Along with Saline, Emerald acquired California’s Veris Manufacturing, another electronics manufacturing service provider. Both companies manufacture high-mix, low- to medium-volume printed circuit board assemblies and box builds for high-reliability end markets, including industrial controls, aerospace and defense, and medical. Day-to-day operations are expected to remain unchanged at both companies, which will continue to operate under their existing brand names.
“All of us at Emerald are excited about the expanded geographic reach and manufacturing capabilities that Saline Lectronics and Veris Manufacturing bring to the mix,” says Vic Giglio, CEO of Emerald. “Their addition expands the Emerald EMS footprint into Southern California and the Midwest domestically, bringing increased geographic flexibility and expanded capacity to all of our customers.”
Emerald launched in July with the merger of two electronics manufacturing services companies – DataED in New Hampshire and Bestronics in California. Both companies were recapitalized by New Water in November 2019 as part of a series of investments in the sector.
“Our goal at New Water is to support and invest in businesses with enduring value propositions,” says Brian McGee, partner at New Water. “Both SLI and Veris embody the high-quality standards, customer-first ethic, manufacturing expertise, and strong, localized customer bases that make them perfect complements to the Emerald team.”
Founded in 2002, Saline is a full-service electronics solutions company with a 110,000-square-foot manufacturing facility providing engineering, printed circuit board assembly, testing, electro-mechanical box build, and direct fulfillment for complex, high-reliability electronic systems for the industrial controls, aerospace and defense, medical, and oil end markets.
Veris was founded in 1987 as Quality Control Manufacturing. It has a 40,000-square-foot facility that provides high-reliability manufacturing and engineering services focused on the aerospace and end markets.
“Joining Emerald expands our access to new markets and provides investment opportunities for us to build on our capabilities in order to stay ahead of the demands of our growing customer base,” says Jay Cadler, president of Veris.
New Water is a private equity firm focused on lower-middle market companies in the consumer products and industrial manufacturing and services sectors, with revenues of $30 million-$300 million.