The Carlyle Group buys the Swiss watch provider Acrotec
© Reuters. FILE PHOTO: The Carlyle Group logo is displayed in the company's Tokyo office
ZURICH (Reuters) – Global investment company Carlyle Group (NASDAQ 🙂 has agreed to buy the Acrotec Group, which supplies the watchmaking and medical technology industries, from Castik Capital for an undisclosed amount, it said on Monday.
The transaction is subject to regulatory approvals and is expected to close in the first quarter of 2021, Carlyle said in a statement, adding that it would support Acrotec's growth through the development of its existing platform and acquisitions.
Reuters reported in October that Castik Capital was preparing Acrotec for a sale worth up to 950 million Swiss francs ($ 1.07 billion) including debt.
Acrotec supplies high-precision industrial applications for the watchmaking and medical technology industries as well as for the electronics, aerospace and automotive industries. It employs around 1,200 people.
The partnership will leverage Carlyle's healthcare expertise and network to expand Acrotec's medtech business through expansion into new services and regions in Europe and the United States, Carlyle said.
The equity for the investment will be provided by Carlyle Europe Partners without providing further details of the transaction.
($ 1 = 0.8895 Swiss Francs)
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