Missouri-based equity fund acquires electronics manufacturing plant in Ciudad Juarez
Minnesota-based electronic manufacturing services (EMS) provider, Logic PD, announced it has recently been acquired by Compass Group Equity Partners, a private equity firm based in St. Louis, Missouri.
Compass Group acquired 100% of the shares of Logic PD, which had previously been held by Denver, Colorado-based CHB Capital Partners, Logic PD said in a statement. The financial terms of the deal were not disclosed.
Logic PD designs and develops embedded and connected devices serving the aerospace, defense, control and automation, Internet of Things (IoT) and medical/life sciences markets.
The acquisition will have no impact on the company’s operations and its more than 300 employees. Logic PD President and Chief Executive Officer Bruce DeWitt, will continue in his current leadership role under Compass Group ownership, as will the other members of Logic PD’s management team.
“We’re excited to be joining Compass Group, which will expand our capabilities and manufacturing footprint to include Dayton, Ohio, an aerospace manufacturing hub, and Atlanta, one of the fastest growing high-tech regions in the nation,” DeWitt said. “Logic PD and our unique EMS and design and engineering expertise fits in well within Compass Group’s portfolio of discrete and process manufacturing companies.”
Headquartered in Eden Prairie, Minnesota, Logic PD operates manufacturing facilities both in Eden Prairie and Ciudad Juarez, Chihuahua, in Northern Mexico.
“Logic PD brings not only size and scale to our electronics platform, but greatly enhances our ability to serve our customers,” said John Huhn, managing partner of Compass Group. “The addition of Logic PD will enable us to provide design and engineering expertise which will reduce the cost and shorten the time-to-market for new product launches and adds near-shore manufacturing capabilities to the platform.”
In connection with the change of ownership, Logic PD expects to continue upgrading their facilities and equipment over the next year. This includes new surface mount technology (SMT) equipment, which the company plans to install during the third quarter of 2018. New investments in Logic PD’s embedded products portfolio will also be accelerated in 2018.