Advent-backed Laird sells off CVS division

The buyer was Molex, an Illinois-based manufacturer of electronic products and a subsidiary of Koch Industries. Molex said the acquisition would boost its geographic reach and strengthen its ability to support automotive original equipment manufacturers.

Advent acquired Laird in a £1bn take-private in March after Laird had struggled with debt and profitability.

Company
Laird CVS designs and produces vehicle antenna systems, smart-device integration and vehicle connectivity devices. The division generated £319m in revenues in 2017, up 26% on the previous year and representing around a third of Laird's total revenue.

Advisers
Advent International – Weil Gotshal & Manges (legal); Goldman Sachs (corporate finance); Citibank (corporate finance).

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• Topics
• Exits
• UK / Ireland
• Consumer
• United Kingdom
• Trade sale
• Partial sale