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SECO Acquires the Majority of Fannal ElectronicsSECO (News - Alert) SpA (Arezzo), a high-tech manufacturer of computer miniaturization and "ready-to-use" integrated systems, with shareholder FII Tech Growth fund backed by Cassa Depositi e Prestiti, is pleased to announce that today it has signed an agreement to acquire the majority of Fannal Electronics Co. Ltd., a leading manufacturer of Human Machine Interaction technologies based in Hangzhou (China). Fannal Electronics, founded in 2011 to address the fast-growing sector of advanced touch screen technologies, evolved into a reputable high tech player, known for the quality of its products and excellent technical support. The transaction has a strategic value for the SECO group, as it strengthens its R&D and production capabilities with the addition of more than 60 highly specialized professionals, and it increases the competitiveness of a company that represents an Italian excellence, boosted by the financial instruments made available by the CDP Group. In April 2018, FII Tech Growth, a fund promoted by CDP and managed by Fondo Italiano d'Investimento SGR, invested €10 million in SECO to accelerate its expansion and internationalization. Lesen Ding, Fannal's founder, will retain a minority share and continue to guide the company as its General Manager and CEO. Following the investment, Ivan Brambilla, a Sales and Industrial Operations executive with previous experiences at leading companies like Magneti Marelli, Toshiba and 3M (News - Alert), will serve on the Fannal Board of Directors and will be responsible for its commercial expansion in the European market. "With this transaction, we invest in a worldwide leading company operating in the highly specialized sector of touch display technology, which is becoming an essential component of our systems - stated Massimo Mauri, SECO executive director - SECO plans to heavily invest in Fannal with the aim to enhance its supply chain effectiveness and build a platform to access the growing Chinese market". "We are very happy o tighten the relationship with our long standing partner SECO to further accelerate our growth" - said Fannal CEO Lesen Ding. "We see this combination as the beginning of a very successful partnership. We can share SECO's reputation, reach and customer proximity, while SECO can have access to Fannal's strong technical skills, competitive pricing and supply chain resources". Deloitte (News - Alert) Financial Advisory and Deloitte Legal have respectively acted as financial and legal advisors. * * *
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190225005087/en/ |