Kimball Electronics has completed the sale of its Automation, Test, and Measurement (AT&M) business to Averna Technologies Inc., effective July 31, 2024. The proceeds from the sale will support organic growth, reduce debt, and facilitate share repurchases. Kimball initially entered the AT&M sector with the acquisition of Global Equipment Services, Inc. (GES) in 2018 and announced AT&M’s classification as a business held for sale in May 2024. AT&M specializes in advanced testing and inspection solutions for various industries, including industrial, medical, consumer electronics, and semiconductors.
Kimball Electronics CEO Richard D. Phillips commented, “Despite significant progress with AT&M since acquiring GES, we’ve determined that it doesn’t align with our strategic focus on core EMS operations. We believe AT&M will thrive under Averna’s ownership, given their expertise in testing and measurement. We thank the AT&M team for their contributions and wish them continued success.”
Averna CEO Francois Rainville added, “The addition of the GES team, along with their presence in Silicon Valley and Asia, is an excellent fit for Averna. This acquisition strengthens our global leadership in automation, test, and measurement, and enhances our ability to support customers worldwide. We are excited to welcome our new colleagues and embark on this new phase of growth.”
B. Riley Securities served as the exclusive financial advisor for the transaction.
