66° and Sunny
Image
Saline Lectronics, which employs more than 100 people at 710 N. Maple Road in Saline, has been sold to a private equity firm.
Emerald Electronics Manufacturing Services, a portfolio company of New Water Capital, acquired Saline Lectronics and Veris Manufacturing, of Brea, Calif. Both companies are manufacturers of circuit board assemblies and box builds businesses in industrial controls, aerospace, defense and medical, according to a press release on the New Water Capital website.
Saline Lectronics employs more than 100 people at its 110,000 square-foot facility across the street from the middle school. The company was founded in 2002.
"Our partnership with Emerald EMS will allow us to offer our customers expanded capacity as well as access to lower-cost options through Emerald's Shenzhen, China, manufacturing facilities, while Emerald gains a strong Midwest presence," said Saline Lectronics President and CEO Mario Sciberras in the press release.
Records available on the city website show that Saline Lectronics sold its property at 710 N. Maple Road to NWC Real Estate AIV LP for $7 million on Oct. 30. It's the highest-priced real estate transfer in the city since Soma Storage sold its property, at 1400 E. Michigan Ave., to Simply Storage Saline LLC for $10,258,000 in 2018.
New Water Capital L.P. is a private equity firm focused on lower-middle market companies in the consumer products and industrial manufacturing and services sectors, with revenues of $30 million to $300 million, according to the press release.
More News from Saline
- Students Showcase Program in Which They Strive to Make Saline Middle School a Better Place "We're here to tell you what WEB does and how we make a difference in our school," Kenzie Stanifer told the board of education at its meeting on Tuesday.
- LAX: Haslett Defeats Saline at Hornet Stadium Haslett defeated Saline, 18-6, in a varsity girls lacrosse contest at Hornet Stadium Monday.
