DRI Relays Inc / First SwitchTech Group

Completed Date




Deal Type

Company sales


Not disclosed

Company bio

First SwitchTech Group (€60 M of total revenues, 500 FTE in France, USA, India) is one of the two worldwide leaders of hermetically sealed relays for harsh environment in Aeronautic, Space, Defense, Railway, Energy.

DRI, its US subsidiary with operations in US and India has a strong and historical presence in A&D and serves major players on the US market (Boeing Military, Lockheed Martin or BAE Systems…). Its activity has been resilient with growing revenues and a high level of profitability

Deal Summary

First SwitchTech Group, one of the two worldwide leaders
of hermetically sealed relays, was advised by Aurignac
Finance in the sale of its US subsidiary DRI to TE Connectivity
a world leader in connectivity and sensors with a market
capitalization of USD 35 billion.
This transaction will enable First SwitchTech to focus its strategy,
as an independent European leader, on the development of
the French entities STPI and REL on their historical markets in
Defense, Space, Railway, Aeronautics and Energy in Europe and
Asia, and keep providing innovative solutions for its blue chip
client portfolio for the coming years.
For TE Connectivity, DRI will offer a strong strategic and
complementary fi t in the US market with its Aerospace, Defense,
and Marine (AD&M) business.

Value Added to the Project

This is the 3rd transaction we have advised recently in the sector
of electronic components & embedded systems especially for harsh
environments. Our expertise in this area combined to our perfect
knowledge of the potential buyers at the global level enabled us
to lead a very competitive process with numerous interests from
large international listed corporates and dynamic private equity
owned midcap companies.

Deal Contacts

Raphael Brenier

Elias Seck

Aurignac Finance is the exclusive French partner of Mergers Alliance

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