Cicor expands into Spain – acquires MADES
Swiss EMS provider Cicor Group has signed an agreement to acquire 100% of the shares of Spanish electronics company Malaga Aerospace, Defense & Electronics Systems S.A.U. (MADES).
With this acquisition, Cicor continues to build on its pan-European platform for electronics design and manufacturing services for the fast-growing European defence market.
MADES, based in Málaga, Spain, employs around 100 people and generated revenues of approximately EUR 29 million in 2024. The company focuses on electronic solutions for the aerospace and defence industry, which accounts for well over half of its business. In addition, MADES supplies customers in the industrial and railway sectors. The company’s EBITDA margin is slightly above Cicor Group’s current level.
By entering the Spanish market, Cicor expands its footprint and MADES strengthens and expands Cicor’s customer base, particularly in mission-critical applications.
Closing of the transaction is subject to regulatory filings and approvals in the relevant jurisdictions and is expected in the second half of 2025.
