Skylake, Laird buy Korea's Model Solution

The investment facilitates the exit of Kamur Private Equity. According to AVCJ Research, Kamur paid KRW42.3 billion for a 95.7% interest in the business in December 2012, which included shares sold by Korea Technology Finance Corp. (KOTEC) and Steve Lee, Model Solution's founder and still its CEO.

The consortium will hold 49% of the company with Laird owning the remaining 51%. Once the transction is completed - expected within two weeks - Model Solution will be consolidated and integrated into Laird.

"This acquisition shows our strategy at work. It allows us to further penetrate the important strategic market that is Korea, demonstrating a broader offering to customers who value the importance of innovative design and speed of delivery," David Lockwood, CEO of Laird, said in a statement.

Set up by Lee in 1993, Model Solution describes itself as a one-stop solutions provider for prototype and low volume parts production. With expertise in injection molding, ultraviolet coating and 3D printing, it works on small to medium-sized products across industries including mobile communications and computing, consumer electronics and audiovisual products, and medical devices.

Model Solution is expected to complement Laird's existing design innovation and manufacturing capabilities that focus on providing components that protect electronic devices from electromagnetic interference and heat as well as enabling wireless connectivity.

Laird also wants to use Model Solution as a platform from which to access customers in the South Korean electronics industry.

Skylake is led by Dr. Daeje Chin, who previously served as CEO of Samsung Electronics and held a government post as Korea's minister for information and communication. It invests in high growth businesses across the information, communications and technology space.

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