CLEVELAND, OH – February 21, 2007 – Key Principal Partners (KPP), a $1 billion private equity firm, announced today that it has acquired majority ownership of MC Assembly, a leading provider of electronic manufacturing services. KPP has been an investor in MC Assembly since 2003.
“We’re pleased that our involvement with MC Assembly will help the organization continue to move forward, and maintain its long history of superior customer service and process innovation,” said Leland Lewis, a Partner at KPP.
As part of the transaction, MC Assembly’s current Chief Operating Officer, George Moore, will become Chief Executive Officer. “KPP’s investment will provide MC Assembly with improved financial flexibility while allowing us to maintain high levels of customer satisfaction,” said Moore.
MC Assembly, based in Melbourne, FL with operations in Zacatecas, Mexico, is a national leader in the contract manufacturing arena with annual revenues in excess of $200 million. It provides turnkey solutions to original equipment manufacturers and focuses on assembly of low-to-medium volume, medium-to-high mix printed circuited boards (PCBs). MC Assembly’s capabilities include surface mount and pin-through-hole interconnection technologies, PCB design and engineering, in-circuit and functional test, full box-build and direct order fulfillment.
The acquisition of MC Assembly marks the third investment made from KPP’s third fund, KPP Investors III.
About Key Principal Partners
Key Principal Partners (KPP) is a nationally recognized private investment firm providing capital to middle market companies throughout North America. KPP utilizes mezzanine and equity capital to fund the growth, buyout, refinancing or acquisition of profitable companies. KPP’s flexible approach to structuring investments does not require control of companies. KPP has over $1 billion in capital under management and can invest $7 million to $40 million in companies with at least $20 million in revenue. Headquartered in Cleveland, KPP is affiliated with KeyCorp, and has offices in Greenwich and San Francisco. For additional information, visit: www.keyprincipalpartners.com.
Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $92 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.