DYCONEX acquired by Somacis

The acquisition of DYCONEX by SOMACIS executes a strategic consolidation within the highly regulated medical printed circuit board market, officially transferring ownership from the target's former parent entity, Micro Systems Technologies. Completed on July 31, 2024, this cross-border transaction integrates a specialized Swiss manufacturing asset into the acquiring group's broader European industrial portfolio. The structural mechanics of this buyout occur concurrently with a major capitalization shift at the acquiring level; on July 25, 2024, the private equity firm Bain Capital formally acquired a controlling stake in the buyer from Chequers Capital. Under the finalized financial architecture, Chequers Capital actively retains a minority shareholding position in the newly formed consolidated entity alongside the primary sponsor. This secondary buyout structure provides institutional capital to immediately execute the bolt-on integration of the target, acting as the first major external growth initiative under the new private equity mandate. Strategically, this external growth maneuver is explicitly designed to instantly bridge a critical gap in the buyer's medtech exposure. By absorbing the target's proprietary intellectual property surrounding flexible and rigid-flex circuit solutions, the new parent company significantly upgrades its internal technological capabilities without incurring the lengthy timeline of organic research and development. The integration thesis relies on cross-selling these specialized medical components through the buyer's established global distribution channels, fundamentally expanding its market reach beyond its historical aerospace and defense strongholds. The institutional backing from the new controlling fund is structured to finance immediate commercial synergies while optimizing the combined supply chain architecture across multiple jurisdictions. Throughout the competitive transaction process, the sell-side execution was managed exclusively by the investment banking firm Houlihan Lokey, which provided comprehensive financial advisory and transaction support to the selling parent group and its subsidiary. This advisory mandate navigated the complex carve-out dynamics required to separate the entity from Micro Systems Technologies and seamlessly align it with the buyer's newly restructured capital table. By finalizing this agreement, the financial sponsors orchestrate a definitive scale-up in the high-end industrial technology sector, establishing a comprehensively integrated platform capable of aggressively competing for premium international manufacturing contracts.