Groupe Acrotec

Business overview

Groupe Acrotec (“Acrotec”) is a Swiss precision manufacturing company that serves customers in the luxury watch market and several other industrial end markets.

Within the watch sector, Acrotec counts most of the major luxury watch brands as its customers. The company produces critical components for mechanical watches such as shock absorbers, spring barrels and oscillating weights.

Within the industrial sector, Acrotec leverages its precision manufacturing capabilities to serve customers in attractively growing niche segments that require high-precision manufacturing in large quantities such as the automotive connector (parts for, e.g., turbochargers), medical technologies or jewellery markets.

Acrotec serves as the holding company for nine entities or divisions that today form the Group. François Billig, the current CEO, started building the Group in 2001 – it is comprised of the following divisions:

  • KIF Parechoc: Shock absorbers, regulators, barrel covers and high-value add screws for the watch sector
  • STS: Surface treatment (finishing and decorative) of metal components for the watch sector
  • Petitpierre: Highly customised machines and tools for assembly and after-sales-service for the watch sector
  • Décovi: Oscillating weights, barrels and drums for the watch sector
  • Générale Ressorts: Spring barrels and springs mainly for the watch sector
  • mu-DEC: Complex, customised small watch parts such as wheels and pinions
  • Vardeco: Connectors for the medical technology, aerospace, telecommunication and automotive sectors
  • DJC: Complex metal parts in stainless steel, aluminum and titanium mainly for the automotive sector
  • Precipro: Jewellery production from precious metals
  • Gasser Ravussin: Rubies used mainly for watch sector
  • Mimotec: Micro-components for watch sector using UV-LIGA technology

Investment highlights

Acrotec fulfils Castik’s investment criteria very well. Main attractions of Acrotec are:

  • Expected strong underlying organic market growth
  • High share of repeat purchases from a loyal long-standing customer base
  • High switching costs for customers and mission-critical nature of parts supplied
  • Fragmented market with room for consolidation
  • Strong cash conversion

Value creation strategy

Castik is supporting organic growth with existing and new customers of Acrotec, as well as with select M&A in the horology sector. Castik is working closely with Acrotec’s management team to execute the strategy and realise the value creation potential.

Management and Castik intend to consolidate Acrotec’s position as the largest, independent Swiss supplier to the luxury watch industry and related segments. Castik completed the acquisition of Acrotec jointly with a number of key managers of Acrotec under the leadership of CEO François Billig.

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Headquarters:

Switzerland

Presence:

Switzerland and France

Revenue 2016 (PF):

c. CHF150m

Employees:

c. 600

Acquisition date:

June 2016

Executive Committee:

François Billig (CEO),
Eric Devreux (CFO),
Philippe Metzger (CMO, CSO & BDO)

Website:

www.acrotec.ch