© mikael damkier dreamstime.com General | September 18, 2019
CVG picks up First Source Electronics
Ohio’s Commercial Vehicle Group Inc. (CVG) has acquired substantially all of the assets and assumption of certain liabilities of First Source Electronics LLC, based in Elkridge, Maryland.
According to a company press release, the acquisition is designed to expand CVG’s capabilities as a supplier of electrical wire harnesses, seating systems, and other cab related products and diversify both its customer base and end markets. First Source Electronics (FSE), an electronics systems integrator, currently serves a diverse range of market segments including industrials, transportation and military, with areas of focus that include electro-mechanical assemblies, cable and wire harness assemblies, chassis integration, and cabinet, panel, and rack assemblies. CVG General Manager Kevin Popielarczyk said, "FSE is a great fit with CVG, as we share common core values and are aligned on the long-term strategy for the electrical systems segment. FSE's customers are in highly demanding markets where reliability and peak performance are critical. Together with CVG, we will be better positioned to drive growth and continue to deliver value to our customers. We look forward to working together closely to drive further success." The total cash consideration for the transaction is USD 44.75 million, with USD 34 million due at closing and the balance due in 12, 18, and 36 months, subject to meeting certain targets.