The Groupe Acrotec, a portfolio company of Castik managed EPIC Funds, has acquired Gasser Ravussin SA (“Gasser”) for an undisclosed amount.
Gasser is an established, family built and operated, Swiss manufacturer of fine gemstones which has grown organically since being founded in 1927. Gasser specializes in manufacturing synthetic rubies used in watch movements, in particular for the assembly of shock absorbers. Gasser produces nearly 20 million pieces for the watch industry per year.
This acquisition further strengthens Acrotec’s position as the leading independent supplier to the Swiss watch industry, expanding into an important vertical.
Jean-Michel Uhl, Générale Ressorts’ Chief Executive and Member of the Executive Committee of Acrotec, who will assume with immediate effect the management of Gasser, comments that “With this acquisition, the Groupe Acrotec achieves two objectives: firstly, securing the supply for gemstones for the watch industry; secondly, increasing the Group’s offering as a supplier for watch movements components”.
Gasser ensures its independence and becomes a stronger company by joining Acrotec. “We are very happy to be able to partner with Acrotec, which will enable the continuation and growth of the business started by my grandfather” declared Alain Gasser, grandson of the founder.
Acrotec was acquired in June 2016 by funds managed by Castik Capital, the European private equity investor. Acrotec’s strategy foresees to invest in organic and inorganic growth to continue to be the leading independent supplier to the Swiss watch industry and to best support its customers by delivering high quality watch movement components. The acquisition of Gasser is the first manifestation of the company’s inorganic buy-and-build strategy.
About Groupe Acrotec
SA Acrotec is an independent group, employing around 600, created by professionals from the watch and micro-mechanical industry with the aim of supplying the watch manufacturers and brands with “Swiss made” quality products. The objective of the Group is to simplify the complexity of sub-contracting by offering its clients with a variety of watch and industrial competences: metal cutting, crimping, surface treatment, etc. The companies of the Group provide finished elements for watch movements (springs, shock absorbers, oscillating weights, etc.) and components used in medical equipment. Acrotec also produces components used in end-markets such as: connectors, telecommunications, IT, mobile, automotive, turbochargers, aerospace and aeronautical.
More information at www.acrotec.ch
Capital S.à.r.l (“Castik Capital”) manages investments in private equity. Castik Capital is a European multi-strategy investment manager, acquiring significant ownership positions in European private and public companies, where long-term value can be generated through active partnerships with management teams.
Castik has an investment horizon of up to ten years – longer than most other private equity funds. This enables Castik to focus resources on its portfolio companies and ensure sustainable, long-term value creation. Founded in 2014, Castik Capital is based in Luxembourg and focuses on identifying and developing investment opportunities across Europe. Investments are made by the Luxembourg-based fund, EPIC I SLP, the first fund managed by Castik, which had its final close at EUR 1.0bn in August 2015.