Houlihan Lokey Advises AT&S

Houlihan Lokey is pleased to announce that AT&S Korea Co., Ltd. (AT&S Korea), the medical printed circuit board (PCB) manufacturing plant in Ansan, Republic of South Korea, has been acquired by SOMACIS S.p.A (SOMACIS), a portfolio company of Bain Capital and Chequers Capital. The transaction was completed on 31 January 2025.

AT&S Korea is a recognised manufacturer of high-reliability HDI flex, rigid-flex, and rigid PCBs, serving FDA/MDR-regulated medical applications. The division primarily supplies the medtech sector with key products for hearing aids, cochlear implants, diagnostic imaging equipment, and other critical medical devices. It operates a state-of-the-art production facility and has built a reputation for high-quality products and strong customer relationships. Its clients are primarily in Europe, with a need for highly reliable and mission-critical PCBs predominantly for medical applications such as hearing aids.

AT&S AG (AT&S), the parent company of AT&S Korea, is one of the world’s leading manufacturers of high-end printed circuit boards and integrated circuit substrates. Headquartered in Austria and listed on the Vienna Stock Exchange, AT&S serves a range of high-reliability industries, including automotive, aerospace, industrial, and medical technology. The decision to divest its medical-focused plant in Ansan aligns with AT&S’s broader strategic focus on growth opportunities in high-tech segments, such as IC substrates, that are essential for supporting the rapidly expanding global semiconductor market.

The acquisition complements SOMACIS’ existing operations and supports the company’s vision to expand its technological capabilities and market reach in the high-end medical PCB segment. The integration of AT&S Korea, with its specialised expertise and production capabilities, will further strengthen SOMACIS’ position as a global leader in advanced PCB solutions for various industrial applications.

SOMACIS, based in Italy and backed by Bain Capital and Chequers Capital, is a global provider of high-tech PCBs with a strong presence in the aerospace, defence, and medical industries. Chequers Capital, the former majority owner of SOMACIS, retains a minority shareholding in the company after Bain Capital acquired the controlling shares of SOMACIS on 25 July 2024.

Houlihan Lokey served as the exclusive financial advisor to AT&S AG, advising our client on the entire transaction process. These transactions highlight Houlihan Lokey’s extensive expertise and strong track record in the industrial technology and healthcare sectors.

RELATED: Healthcare, Mergers & Acquisitions