Investment Extends Capabilities to Enhance Connected Mobility Solutions for Automotive Manufacturers Building Intelligent Next-Generation Vehicles
Molex Electronic Technologies, LLC announced it has completed the acquisition of the Connected Vehicle Solutions (“CVS”) division of Laird Limited, owned by funds managed by Advent International.
“By expanding the Molex automotive portfolio with Laird CVS, we will deliver even greater value to leading automotive OEMs building the next-generation of intelligent vehicles. We are looking forward to working closely with our new colleagues and welcome them to Molex.”
On September 28, 2018, Molex announced an agreement to acquire CVS, which specializes in the design, development and delivery of vehicle antenna systems, smart device integration and vehicle connectivity devices.
“This strategic move supports our solutions vision and expands our capabilities in the changing automotive market,” said Joe Nelligan, CEO of Molex. “By expanding the Molex automotive portfolio with Laird CVS, we will deliver even greater value to leading automotive OEMs building the next-generation of intelligent vehicles. We are looking forward to working closely with our new colleagues and welcome them to Molex.”
Demand is on the rise for seamless end-to-end network communications and integration across hardware, software and services in the automotive industry. Through the acquisition, Molex continues a strategic expansion and builds on existing capabilities to serve customers developing agile connected vehicle technologies integrating the Molex 10Gbps Automotive Ethernet Network Platform and other connected mobility solutions.
In remarks on the acquisition, Steven Brown, president, Laird CVS said, “As a business within a fast growing and dynamic market, we are delighted to join a strong company with the global scale and resources to innovate and invest in achieving the considerable potential of CVS in the connected vehicle space. As part of Molex we aim to help advance the industry toward a future dominated by intelligent and autonomous vehicles on every roadway.”
A trusted partner to some of the world’s leading automotive OEMs, Laird CVS brings world-class expertise and custom-engineered solutions designed to streamline and transform vehicle connectivity. Laird CVS offers a full range of solutions from single function asset-tracking antennas up to complex multiband smart antennas with integrated cellular, Wi-Fi and Bluetooth modems, GPS receivers, and vehicle networking. All of these capabilities can be further integrated into M2M devices that add control electronics and firmware.
Jones Day acted as Molex’s legal advisor and Evercore served as financial advisor in the transaction. For Advent, Weil Gotschal acted as legal advisor and Goldman Sachs and Citibank as financial advisors. Financial terms of the transaction were not disclosed.