New Water Capital portfolio company Emerald Electronics Manufacturing Services (Emerald EMS) announced today the recent acquisition of two leading electronics manufacturing service providers—Saline, Michigan-based Saline Lectronics Inc. (SLI) and Brea, California-based Veris Manufacturing. Both companies are manufacturers of high-mix, low- to medium-volume printed circuit board assemblies (PCBAs) and box builds for high-reliability end markets, including industrial controls, aerospace and defense, and medical.
Emerald EMS launched in July 2020 with the merger of two leading EMS companies—DataED, based in Salem, New Hampshire, and Bestronics, based in San Jose, California. Both companies were recapitalized by New Water in November 2019 as part of a series of strategic investments in the EMS sector.
"Our goal at New Water is to support and invest in businesses with enduring value propositions," said New Water Capital partner Brian McGee. "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."
"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," said Emerald EMS CEO Vic Giglio. "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."
Founded in 2002 and headquartered in Saline, Michigan, Saline Lectronics Inc. 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.
Originally known as Quality Control Manufacturing, Veris Manufacturing was founded in 1987 by electrical engineer John Ivory, then purchased in 2001 by former CEO Bill McIlvene, who expanded the company from a "mom and pop" thru-hole shop to a world-class EMS provider. Based in Brea, California, the company's 40,000-square-foot facility provides high-reliability manufacturing and engineering services focused on the aerospace and medical end-markets.
Day-to-day operations are expected to remain unchanged at both SLI and Veris, which will continue to operate under their existing brand names under the Emerald umbrella, Giglio said.
"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," said SLI President and CEO Mario Sciberras.
"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," said Veris Manufacturing President Jay Cadler.
About Emerald EMS
With engineering services and manufacturing facilities located domestically in California, Michigan and New Hampshire, plus a low-cost solution in Shenzhen, China, Emerald EMS has the scale and service offering typically only available at the largest of EMS companies. Emerald EMS is focused on the Service aspect of EMS and specializes in supporting customers requiring high mix, low- to medium-volume manufacturing for high-reliability markets such as Medical, Aerospace/Defense, Industrial Controls, Semiconductor and Utilities Infrastructure sectors. Emerald EMS offers facilities and trained staff supporting electro-mechanical and system assembly, reliability, precision touch-ups, in-circuit and functional tests, rework and failure analysis, complex repair depot services, final test, integration and box builds, a wide variety of sophisticated SMT placement, and clean room assembly and packaging capability. For more information, please visit www.emeraldems.com/.
About New Water Capital L.P.
New Water Capital L.P. 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 to $300 million. New Water Capital's collaborative transaction and operating model is built specifically to support companies in transition, building on their unique cultures and strengths. For more information, please visit www.newwatercap.com.
