The McLean Group Advises First Source Electronics on Its Sale to Commercial Vehicle Group

MCLEAN, VA – September 24, 2019  – The McLean Group is pleased to announce that it advised First Source Electronics, LLC (“FSE”) on its sale to Commercial Vehicle Group, Inc. (“CVG”) (NASDAQ: CVGI).

Headquartered in Elkridge, Maryland, FSE is a specialized provider of electronic manufacturing services (EMS) for military, industrial and transportation applications. In particular, the firm provides sophisticated manufacturing solutions for end-products that are often deployed in extreme environments and have a high cost of failure, such as high-performance assemblies for tactical military communications, industrial material handling systems and electronic braking systems for railway trains. FSE combines broad-based manufacturing capabilities with value-added services to produce highly complex, custom, high-performance electronics.

Greg Nossaman and Greg Woodford of The McLean Group’s Aerospace, Defense & Government Services (ADG) practice led the transaction on behalf of FSE.

“We were honored to work with FSE and believe the partnership with CVG will extract significant future growth potential for the combined companies, including extensive cross-selling opportunities,” said Greg Woodford, Senior Managing Director of The McLean Group.

Greg Nossaman, Senior Managing Director of The McLean Group, added, “This transaction highlights the attractive market opportunity that exists for well-positioned EMS providers. OEMs increasingly rely on trusted EMS partners, making quality firms highly desirable to growing businesses such as CVG that can capitalize on economies of scale to accelerate growth.”

The proliferation of digitalization, connectivity and other power and data applications presents meaningful growth opportunities for CVG,” commented Patrick Miller, President and Chief Executive Officer. “FSE strengthens our competitive positioning to take advantage of these dynamic trends, complementing our high-complexity, low-to-medium volume electrical business. This strategic acquisition will be a strong contributor to our long-term growth, providing us with the opportunity to leverage our global footprint and maximize cross- selling opportunities, while also creating an entry into the warehouse automation market. We are excited to welcome FSE to the CVG organization.”

CVG (through its subsidiaries) is a leading supplier of electrical wire harnesses, seating systems and related products for the global commercial vehicle markets, including the medium- and heavy-duty truck, medium- and heavy-construction vehicle, military, bus, agriculture, specialty transportation, mining, industrial equipment and off-road recreational markets.CVG maintains operations in North America, Europe, Asia and Australia. CVG employs over 8,300 employees worldwide and generated $897.74 million in revenue in 2018.  Information about the company and its products is available at


The McLean Group is a leading investment bank that provides objective strategic and financial advice on mergers and acquisitions, debt and equity recapitalizations, ESOPs and business valuations. As one of the only independent investment banks in the country focused on the ADG market, The McLean Group maintains one of the largest dedicated teams in the country and possesses deep transactional expertise in nearly every segment of the government market. Continuing its track record as a leading advisor to middle market companies in the ADG industry, The McLean Group has closed 88 transactions since 2010. The McLean Group applies comprehensive industry knowledge, extensive transactional expertise, real-time understanding of industry-specific valuation drivers and senior-level attention to every client engagement it undertakes.

FSE acquired by CVG
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