NEW YORK -- Crestview Partners has acquired Emerald EMS from New Water Capital for an undisclosed amount.

The private equity firm is investing alongside the existing management team led by CEO Vic Giglio, who will continue to lead the EMS company.

Salem, NH-headquartered Emerald specializes in high-mix, low-volume engineering, design, prototyping, testing, assembly and lifecycle support electronics manufacturing services. It has six facilities in the US and one in China, and annual sales are estimated to be above $400 million.

"We believe Emerald is well positioned to benefit from long-term secular tailwinds in digitization, industry 4.0 and 5G, which are driving higher levels of electronic content and product sophistication across industries as devices become more interconnected and generate increasing quantities of data," said Bradford Williams, principal, Crestview, said. "These rapid electronification tailwinds are driving increased demand for Emerald's solutions, which we expect will continue for years to come. With increased scale and investment, we believe Emerald can further enhance its services, capabilities and solutions to become an even more value-added partner to its customers."

"This investment builds directly on Crestview's experience building leading solutions-oriented companies to help customers be more efficient along the journey from concept to full-volume production, including JMP Solutions, JR Automation and SyBridge Technologies," said Alex Rose, co-president and partner, Crestview. "We are thrilled to be partnering with Vic and the rest of the Emerald management team and look forward to adding additional companies and competencies to the Emerald platform to accelerate growth while continuing to provide best-in-class service and solutions to its customers around the world."

Giglio, who helped lead the sale of Data Ed to New Water in 2019, which precipitated the creation of Emerald, said, "We are excited to have Crestview as our partner for this next phase in Emerald's evolution. Our focus on providing high-quality and high-reliability solutions to our customers is unwavering, and we look forward to having additional scale and resources to continue these efforts. We believe Crestview's highly complementary experience and commitment to continuing Emerald's acquisition expansion strategy will enable us to reach our growth potential. We are proud of the results we have achieved in partnership with New Water and are thankful to their team for all of their support."

As a result of the transaction, Emerald's board is now comprised of Giglio and Ron Menigoz from Emerald's management team, Hartmut Liebel, a 20-plus year technology industry executive and former CEO of Sanmina, Crestview operating executive Jason Luo and Crestview's Alex Rose, Bradford Williams and Ryan Roberts.

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