Veris Manufacturing, a Brea-based contract manufacturer with 120 employees, was acquired by Emerald Electronic Manufacturing Services for an undisclosed amount.
New Hampshire-based Emerald EMS is a portfolio company of the private equity firm New Water Capital, which typically acquires companies with annual sales of $30 million to $300 million. The deal closed Oct. 23 and only announced today so the new owners could meet the customers.
The Veris management team, including President Jay Cadler and Executive Vice President Amanda Brewer, will continue their roles at Veris as part of the Emerald organization.
“The team at Veris couldn’t be happier with the outcome of this transaction, and looks forward to future growth opportunities as part of the Emerald EMS platform,” Veris Chairman and Chief Executive Bill McIlvene said in a statement.
Veris Manufacturing is a full-service contract manufacturer specializing in the advanced manufacturing of electronic assemblies in multiple markets such as aerospace/defense, communications, medical, telematics and other industries with mission-critical, complex electronics.
The company’s seen more interest from private equity buyers looking at manufacturers, especially with the U.S. government’s focus on improving U.S.-based manufacturing.
Houston-based investment bank DGP Capital represented Veris in this transaction.