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With revenue of approximately $500 million, Micron Contract Manufacturing Services (“MCMS”) was a leading provider of electronics manufacturing services to original equipment manufacturers that primarily serve the data communications, telecommunications, and computer systems industries. MCMS was heavily leveraged as a result of an earlier leveraged buyout from Micron.
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MCMS hired an investment banker that pursued various strategies to maximize value, including a sale. The investment banker recommended that MCMS enter into a sale agreement with a buyer in which the investment banker had a 50% equity interest.
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MCMS’ Official Committee of Unsecured Creditors hired M&A Capital to identify other potential acquirors or financing sources to maximize value. The sale process resulted in MCMS selling to Plexus at a transaction value significantly higher than the originally recommneded offer.