Commercial Vehicle Group acquires First Source Electronics

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Commercial Vehicle Group (CVG) today announced the acquisition of substantially all of the assets and assumption of certain liabilities of First Source Electronics (FSE), an electronics systems integrator that serves a range of market segments, including industrials, transportation and military.

Total cash consideration for the transaction could total as much as $44.75 million, with $34 million due at closing and the balance due in 12, 18, and 36 months, subject to meeting certain targets.

“The proliferation of digitalization, connectivity and other power and data applications present meaningful growth opportunities for CVG,” says Patrick Miller, CVG president and CEO.

“FSE strengthens our competitive positioning to take advantage of these dynamic trends, complementing our high-complexity, low-to-medium volume electrical business. This strategic acquisition will be a strong contributor to our long-term growth, providing us with the opportunity to leverage our global footprint and maximize cross-selling opportunities,” Miller says.

Elkridge, Md.-based FSE is a provider of electrical systems integration and manufacturing services, with specific areas of expertise in electro-mechanical assemblies, cable and wire harness assemblies, chassis integration and cabinet, panel and rack assemblies.

“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,” says Kevin Popielarczyk, FSE general manager. “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.”

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