ScioTeq acquires IRTS
OpenGate Capital, a global private equity firm, announced today that its portfolio company ScioTeq, a designer and manufacturer of advanced visualization solutions for the aviation, ATC, defense, and security markets, has acquired IRTS, a manufacturer of ruggedized displays and embedded computers for defense, aerospace and industrial applications. Terms of the acquisition were not disclosed.
Headquartered in Toulon, France, IRTS was founded in 1995 and has earned a reputation as a premier manufacturer of industrial electronics that prioritizes research and development and maintains a team of highly experienced engineers. IRTS’s specialty, state-of-the-art products are mission-critical in ground army vehicles and other military applications.
The add-on acquisition of IRTS deepens ScioTeq’s presence in the French market, expands ScioTeq’s product portfolio, and helps the company address a wider breadth of customers.
The deal also highlights OpenGate Capital’s investment approach of pursuing add-on investments as a means of growing and creating meaningful value in its portfolio companies and is the 13th add-on investment completed for the 11 platform companies within OpenGate’s Fund II portfolio.
“The acquisition of IRTS marks an exciting new chapter for ScioTeq and will help the company expand its product portfolio and unlock new value and synergies,” said Julien Lagrèze, OpenGate Capital’s Partner and Head of Europe. “We’re proud to bring together these two companies that produce important and innovative products.”
“IRTS is a highly respected equipment provider within the French market,” said Robert Gibbs, Group CEO at ScioTeq. “We’re thrilled by the opportunity to have them both supplement our product portfolio and guide our increasing presence in Europe. We intend to preserve the autonomy, business model, and unique SME culture of IRTS.”
“We are excited to join forces with ScioTeq,” added Bernard Dellery, CEO, and founder of IRTS. “With our market-leading portfolio of products and ScioTeq’s commercial and industrial reach, I am confident that together we will be able to accelerate our growth trajectory and expand our market.”
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