SPTS Management and Bridgepoint Complete Acquisition of SPP Process Technology Systems (SPTS) Company Renamed SPTS Technologies
LONDON and NEWPORT, Wales, August 2, 2011 /PRNewswire/ --
SPTS Technologies, formerly known as SPP Process Technology Systems (SPTS), a leading manufacturer of etch, deposition, and thermal processing equipment for the semiconductor and related industries today announced the completion of the transaction by SPTS management and Bridgepoint to acquire the company from Sumitomo Precision Products Co., Ltd. (SPP). The deal closed with an enterprise value of nearly $200m. SPP will continue to have an association with SPTS through a minority equity stake in the company, and will cooperate with SPTS to jointly serve the Japanese market.
SPTS designs, develops and manufactures capital equipment used to produce electronic and micro-devices for a number of high growth end-markets including micro electro-mechanical systems (MEMS), power management, advanced packaging, high speed RF components, and high brightness light emitting diodes (LEDs). With over 500 employees across 19 countries, SPTS supplies the world's leading micro-device manufacturers from its main manufacturing facilities in Newport, Wales and San Jose, California.
On 27 June 2011, SPTS and Bridgepoint announced the signing of a definitive purchase agreement to acquire the company from SPP, subject to certain regulatory filings, now completed. As mentioned in the earlier announcement, there will be no change in management, product strategy, customer focus, or mission at SPTS after the ownership change, only a minor change in name in deference to the former parent company.
The all-equity, debt-free transaction sets a positive example for private equity funded management buy-outs of equipment companies, with Bridgepoint known for taking a long term view on its investment portfolio.
"We are very pleased to announce the completion of the transaction process, and are looking forward to the next phase of the company's growth," said Dr. William Johnson, president and CEO of SPTS. "Bridgepoint's financial backing and merger and acquisition (M&A) experience will be great assets in our growth strategy for the company." EVP & COO Kevin Crofton agreed, "Bridgepoint provides a solid foundation as we expand our operational infrastructure and we will continue our focus on best of breed customer satisfaction."
About SPTS Technologies
SPTS Technologies designs, manufactures, sells, and supports etch, PVD, CVD and thermal capital equipment and process technologies for the global semiconductor industry and related markets. These markets include MEMS, advanced packaging, LEDs, high speed RF on GaAs and power management. Formerly known as SPP Process Technology Systems, the company was acquired by its management in June 2011, backed by European private equity firm Bridgepoint. Prior to the acquisition, SPTS was a wholly-owned subsidiary of Sumitomo Precisions Products Co., Ltd., formed from the merger of Surface Technology Systems (STS) and acquired assets of Aviza Technology in 2009. For more information about SPTS Technologies, please visit http://www.spp-pts.com
Bridgepoint is a European private equity firm focussing on the acquisition of companies valued up to €1 billion. With some €11 billion of capital raised to date, it typically focuses on acquiring well managed companies in attractive sectors with the potential to grow organically or through acquisition. Although a generalist investor, Bridgepoint has developed expertise in the business services, consumer, financial services, healthcare, media, and industrial sectors. It has offices throughout Europe in Frankfurt, Helsinki, Istanbul, London, Luxembourg, Madrid, Milan, Paris and Stockholm. See http://www.bridgepoint.eu
SOURCE SPTS Technologies and Bridgepoint