Cicor completes acquisition of Spanish company MADES

Switzerland’s Cicor Group has announced the closing of the acquisition of 100% of the shares in Spanish electronics company MADES, headquartered in Málaga (Spain), from the French Latecoere Group. 

With this acquisition, Cicor strengthens its position as a pan-European provider of electronics design and manufacturing services (EMS) for the rapidly growing European aerospace and defence (A&D) market. The expansion into Spain unlocks new customer potential across this sector and underlines Cicor’s role as the partner of choice for mission-critical applications, according to a media release.

MADES employs around 100 people and generated sales of approximately EUR 29 million in the 2024 financial year. The company focuses on electronics solutions for the A&D market, which accounts for the majority of its revenue. In addition, MADES serves customers in the industrial and railway technology sector. MADES’ EBITDA margin is slightly above the current level of the Cicor Group.

By entering the Spanish market, Cicor is further expanding its presence as the leading pan-European provider of high-end electronics development and manufacturing services. MADES strengthens and expands Cicor Group’s customer base, especially in mission-critical applications, and complements Cicor’s existing business, the media release said.

Following the acquisitions and integrations of Axis Electronics, STS Defence and TT Electronics IoT Solutions (all UK), the market entry into France through the acquisition of key assets from Éolane France, and the strategic partnership with Mercury (Switzerland), the acquisition of MADES marks another milestone in Cicor’s strategic expansion of its pan-European platform for A&D electronics, Cicor said.