Tuesday, June 28, 2011
European private equity firm Bridgepoint said Monday (June 27) it is backing a management buyout of semiconductor process equipment vendor SPP Process Technology Systems (SPTS). Financial terms of the buyout were not disclosed.
SPTS, a unit of Sumitomo Precision Products (SPP), provides etch, deposition, and thermal processing equipment used in semiconductor manufacturing. The company has more than 500 employees across 19 countries, with main operations in Newport, Wales, and San Jose, Calif. The company had 2010 sales of $217 million.
SPP will continue to hold a minority stake in SPTS, the companies said. SPTS will also retain its name, they said.
"The investment by Bridgepoint in SPTS signifies the next stage in our evolution as a market leader in the MEMS, compound semiconductor, advanced packaging and power markets," said SPTS President and CEO William Johnson, in a statement.
"For SPP, this transaction allows us to focus on other areas of our business which offer attractive investment opportunities," said Susumu Kaminaga, president of SPP. "However, we will continue to co-operate with SPTS, retaining a stake and working together with them through a joint venture for the Japanese market."
SPP was bolstered in 2009 through the acquisition of assets from bankrupt semiconductor equipment supplier Aviza Technology Inc. in a deal worth $57.5 million.
By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved
|
