MP Corporate Finance acted as the exclusive financial advisor to Periscope GmbH in the sale of its business operations during self-administrated insolvency to New York-based Cemtrex Inc., a Nasdaq-listed technology, industrial & manufacturing company.
With roots in one of the oldest German industrial conglomerates, Periscope provides high-end electronic manufacturing services, mainly for automotive and industrial applications.
Cemtrex is a stock-market listed industrial services company with headquarters in New York, NY, USA. The group provides high-end B2B products and services to various industries, including electronic manufacturing services through its German subsidiary ROB-Cemtrex.
The acquisition of Periscope marks another step in Cemtrex’s establishment of firm foothold in the European electronics industry. Together with ROB, Periscope is envisaged to secure a broader base and larger market share in Europe’s most important single EMS market. Says Cemtrex CEO Saagar Govil: ‘This acquisition is a significant strategic milestone in our effort to strengthen our position in the European EMS market and get into the exponentially growing automotive market. German automobile companies are driving innovation in the industry and we are eager to tap into this market for the future.’
For Periscope, who encountered increasing financial challenges during the second half of 2015, the acquisition by Cemtrex signifies securing future existence at its current location in Paderborn, Germany. With Cemtrex taking over all assets to continue electronic manufacturing operations, the vast majority of employees will be able to retain their jobs, helping develop the company, now operating as ROB Cemtrex Automotive GmbH, into a reliable and trusted partner to major Automotive OEMs and Tier-1 suppliers.