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Wednesday, May 22, 2024

BDA provides advisory services for Lorom’s merger with In-Tech, backed by Cornell Capital

BDA Partners Helps Create a One-Stop-Shop Manufacturing Solutions Provider

In an exciting move for the industry, Cornell Capital has merged its portfolio company, Lorom Holding Co., Ltd. (“Lorom”), with In-Tech Holdings (Cayman) Limited (“In-Tech”). The announcement, made on August 15, 2023, marks an important step in the expansion and growth of both Lorom and In-Tech.

This merger has been facilitated by BDA Partners, who acted as the financial advisor to Cornell Capital and Lorom in the transaction. In-Tech, a Hong Kong based global provider of customised interconnect solutions and electronic manufacturing services, specializes in demanding, fast-growing, and highly regulated end-markets. With a long history of product co-development, high-quality solutions, and on-time delivery, In-Tech is a trusted partner of choice for its customers. On the other hand, Lorom is a leading manufacturing solutions provider focusing on specialized cable manufacturing, cable assembly, and innovative solutions for cabling and connectors.

With the addition of In-Tech, the combined company will be a vertically integrated, end-to-end manufacturing solutions provider of cables, PCBA, and box build services, offering both interconnect and contract manufacturing capabilities with manufacturing facilities in the U.S., China, Malaysia, and India. This merger will create a one-stop-shop solutions provider that will deliver customized solutions and services to a long-standing customer base worldwide.

The transaction marks Lorom’s second major move in the past 12 months, following its acquisition of Segue Manufacturing Services (“Segue”), a leading North American electronics manufacturer, in December 2022. The combined company, resulting from the merger of Lorom and In-Tech, is poised for significant growth and expansion in the near future.

“This is a great outcome for Lorom, In-Tech, and Cornell Capital. We are proud to have advised Cornell Capital and highly value the relationship we have built with them as they have grown their presence in Asia. This is a testament to BDA’s ability to deliver excellent buyside advisory to our financial sponsor clients,” said Paul DiGiacomo, Managing Partner and Head of Financial Sponsors, BDA.

In addition, Simon Kavanagh, Partner and Head of Industrials at BDA, emphasized the potential for the combined company to create a successful vertically integrated platform, with important post-merger initiatives that will drive revenues and margins.

BDA Partners is a global investment banking advisor for Asia with 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. The company’s deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, and Technology sectors makes it a trusted partner for complex deals and transactions in the region.

Cornell Capital LLC, on the other hand, is a US-based private investment firm with significant AUM and offices in New York and Hong Kong. In-Tech Electronics Ltd., founded in 1997, is a Hong Kong-based company specializing in providing electronic manufacturing and development services to demanding industries. Lorom, founded in 1988, is a leading manufacturing solutions provider focusing on specialized cable manufacturing and assembly.

This successful merger facilitated by BDA Partners sets the stage for innovative and exciting industry developments, positioning the combined entity as a leader in the manufacturing solutions space. As the companies finalize this merger and embark on a new chapter of growth, industry-watchers eagerly anticipate the impact and potential of this strategic move.

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