What Stadium Group does

Cicor Technologies Ltd. is a Swiss-listed (SIX: CICN) electronics design and manufacturing services company headquartered in Bronschhofen, Switzerland, with 4,600 employees and 29 production/engineering sites across 14 countries. Founded in 1966 as Cicorel S.A. for quartz-watch PCB manufacturing, the company entered the EMS market in 2005 and went public in 1998. It is now organised around four capability pillars: Engineering Services (test, R&D, process engineering, EMC lab); Electronic Manufacturing Services (prototyping, PCBA, microelectronic assembly, cable/wire harness, box building, power supply); Precision Plastics (injection molding, 3D-MID); and Advanced PCBs and Substrates (thin-film, thick-film, multi-layer, flexible). Differentiated technologies include cleanroom wire bonding, thin-film and thick-film substrates, three-dimensional molded interconnect devices, and aerosol jet printing for 3D electronics.

The company serves three primary verticals — Healthcare Technology, Industrial Electronics, and Aerospace & Defence — with quality certifications (ISO 9001, ISO 13485, EN 9100, AS9100, NADCAP AC7120) that are prerequisites in regulated end markets. Revenue is generated through custom, project-based, multi-year contracts negotiated via dedicated direct sales teams for each segment and delivered through 29 regional manufacturing sites; pricing is quote-based and not publicly disclosed. Management comprises CEO Alexander Hagemann, CFO Peter Neumann, and COO Marco Kechele, under Chairman Daniel Frutig.

Since 2021, Cicor has executed an aggressive M&A roll-up, completing or announcing approximately nine acquisitions — including STS Defence, three TT Electronics sites, Profectus, MADES, Mercury Mission Systems Swiss site, and Eolane France — concentrated in aerospace & defence and medical technology. The company now describes itself as the European market leader in high-end aerospace & defence electronics and holds UK A&D market leadership. The combination of regulated end-market certifications, proprietary substrate and microelectronic-assembly capabilities, and a pan-European footprint underpins its positioning, while growth is supported by both organic demand (defence upcycle, healthcare electrification) and continued consolidation of the fragmented European EMS landscape.

Name

Stadium Group

Legal name

Cicor Management AG

Website

https://stadium-plc.com

Company type

Public

Founded year

1966

Operating status

Operating

Headcount range

11–50 employees

Short description

Cicor Technologies (SIX: CICN) is a Swiss-listed EMS provider with 4,600 employees across 29 sites in 14 countries, offering full-cycle electronic design and manufacturing — engineering, PCBA, microelectronic assembly, precision plastics, and advanced substrates — to healthcare, industrial, and aerospace & defence customers.

Ownership category

akta.pro rank

Headquarters

HQ city

Bronschhofen

HQ country

Switzerland

HQ region

Europe

Offices28 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Electronic Manufacturing Services (EMS): Full-service EMS including prototyping, PCB assembly, microelectronic assembly, cable assembly, box building, and power supply manufacturing. Revenue generated through manufacturing services contracts with healthcare, industrial, and aerospace & defence customers.
2. Engineering Services: R&D, product development, test engineering, process engineering, and EMC testing services provided as standalone consulting or integrated with manufacturing contracts.
3. Advanced PCBs and Substrates: Manufacturing and sale of printed circuit boards, thin-film substrates, and thick-film substrates as components or standalone products.
4. Precision Plastics: Plastic injection molding, tool design, fabrication, and 3D-MID services for electronic housing and integrated components.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels7 records

Core offering

Cicor designs and manufactures advanced electronic solutions for customers in the healthcare, industrial, and aerospace & defence markets. Its offering spans Engineering Services, Electronic Manufacturing Services (prototyping, PCB assembly, microelectronic assembly, cable assembly, box building, power supply manufacturing), Precision Plastics (tool design, injection molding, 3D-MID) and Advanced PCBs and Substrates (PCBs, thin-film and thick-film substrates). Across 14 production sites in Europe, the USA and Asia, the company supports customers from initial product development through to series production.

Product overview

Cicor is a pan-European electronics design and manufacturing company offering a comprehensive, full-cycle approach to advanced electronic solutions. The portfolio is organized around four core capability pillars: (1) Engineering Services covering test engineering, product development/R&D, process engineering, and EMC testing; (2) Electronic Manufacturing Services (EMS) providing prototyping, PCBA, microelectronic assembly, cable/wire harness, box building, and power supply; (3) Precision Plastics including tool design, injection molding, and 3D-MID technology; and (4) Advanced PCBs and Substrates encompassing printed circuit boards, thin-film and thick-film substrates. These integrated capabilities enable Cicor to deliver complete electronic solutions from design through high-precision production, serving healthcare technology, industrial, and aerospace & defence markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Engineering Services
• Electronic Manufacturing Services (EMS)
• Precision Plastics
• Advanced PCBs and Substrates

Quantifiable outcome

• Q1 2026 order intake of CHF 196.4 million with book-to-bill ratio of 1.22
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• KongsbergcoreOthers · 1 January 2026New customer partnership in aerospace & defence sector. Kongsberg is one of the new A&D customers gained in Q1 2026, contributing to Cicor's growing defence customer base.
• Railway Infrastructure PartnerminorOthers · 1 January 2026Cicor France signed a new long-term partnership in the railway infrastructure market through a newly established collaboration.
• Profectus SolutionscoreOEM/ Whitelabel/ Licensing Partner · 1 April 2025Acquisition completed in Q1 2025. Profectus Solutions in Suhl, Germany, strengthens Cicor's capabilities in the German market.
• MADES (Malaga Aerospace and Defense Systems)coreOEM/ Whitelabel/ Licensing Partner · 1 April 2025Agreement signed for 100% acquisition of MADES in Malaga, Spain. Strengthens aerospace and defence capabilities in southern Europe.
• Mercury Mission Systems International S.A.coreOEM/ Whitelabel/ Licensing Partner · 1 April 2025Agreement to acquire Mercury's Swiss production location with strategic supply partnership established.
• Eolane FrancecoreOEM/ Whitelabel/ Licensing Partner · 1 April 2025Public takeover offer announced for Eolane France. Acquired from bankruptcy in April 2025 and already working with positive run-rate.
• Clayens GroupecoreStrategic or Co-development Partner · 1 October 2023Strategic partnership with French Clayens Groupe opened potential for additional orders for intelligent drug-delivery systems and other medical technology and industrial applications.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• BMK Group: German EMS specialist serving industrial automation, medical, and mobility verticals. Comparable regional mid-market EMS with focus on regulated high-reliability applications.
• Katek SE: German EMS group focused on high-end electronics for automotive, industrial, and medical markets. Direct competitor in European mid-market EMS with comparable capabilities and acquisitions-led growth strategy.
• Scanfil: Finland-based EMS provider serving industrial, energy, and medical customers across Europe and Asia. Direct peer in European mid-market EMS serving regulated verticals with similar full-cycle manufacturing capabilities.
• NOTE AB: Swedish EMS company providing PCB assembly, box build, and NPI services to industrial, medical, and defence customers. Highly comparable to Cicor in size, Nordic/European footprint, and customer vertical mix.
• GPV International: Danish-headquartered EMS provider with strong European and Asian footprint serving industrial, medical, and transportation customers. Directly comparable in service scope and vertical emphasis.
• Inission AB: Swedish/Nordic EMS provider with industrial and high-reliability focus. Comparable in scale and vertical mix; offers a similar combination of contract manufacturing and industrial electronics.
• Neways Electronics International: Dutch EMS provider serving industrial, automotive, and semiconductor customers with full-cycle capabilities. Comparable European mid-market competitor with similar vertical focus and acquisition history.
• Hanza Holding: Swedish EMS provider with manufacturing across Europe and Asia serving industrial and medtech customers. Mid-market European EMS peer with comparable integrated manufacturing solutions.

Broad incumbents

• Jabil Inc. Large global EMS company serving healthcare, aerospace & defence, and industrial markets. Broad incumbent serving many of the same end-customer verticals as Cicor at significantly larger scale.
• Flex Ltd (Flextronics): Global top-tier EMS provider with extensive scale across multiple end-markets including healthcare, industrial, and aerospace. Broad incumbent that competes with Cicor for larger programmes in the same verticals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/stadium-group
• Instagraminstagram.com/cicor.group

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries28 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stadium Group