Houlihan Lokey Advises AT&S and Micro Systems Technologies
Houlihan Lokey is pleased to announce that both companies, AT&S Korea Co., Ltd. (AT&S Korea), the medical printed circuit board (PCB) manufacturing plant in Ansan, Republic of South Korea, and DYCONEX AG (DYCONEX), a leading provider of mission-critical high-tech interconnect solutions, have been acquired by SOMACIS S.p.A (SOMACIS), a portfolio company of Bain Capital and Chequers Capital. The transactions were closed on 31 January 2025 and 31 July 2024, respectively.
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.
DYCONEX, founded in 1964 and headquartered in Bassersdorf, Switzerland, is a premier manufacturer of highly miniaturised and customised PCBs and interconnect solutions, primarily serving the medtech sector. The company produces high-reliability, IPC Class III PCBs for healthcare applications, including hearing aids, pacemakers, defibrillators, cochlear implants, and imaging equipment. DYCONEX’s products are renowned for their precision, reliability, and innovation, driven by a dedicated R&D department and state-of-the-art production facilities. The company employs approximately 200 highly skilled professionals and operates from a cutting-edge facility equipped with advanced machinery and cleanroom spaces.
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.
These acquisitions complement SOMACIS’ existing operations and support 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 and DYCONEX, with their 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 and Micro Systems International GmbH, advising our clients on the entire transaction process. These transactions highlight Houlihan Lokey’s extensive expertise and strong track record in the industrial technology and healthcare sectors.
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