news digest ♦ Equipment and Materials
Bridgepoint backs acquisition of SPTS
The firm believes SPTS represents an attractive opportunity to acquire a market leader in the wafer fabrication equipment sector.
SPP Process Technology Systems (SPTS), a subsidiary of Sumitomo Precision Products (‘SPP’) and leading manufacturer of etch, deposition, and thermal processing equipment for the semiconductor industry has announced that Bridgepoint, a European private equity firm is backing a management acquisition of SPTS from SPP.
SPTS designs, develops and manufactures capital equipment that is used in the production of devices on semiconductor substrates. SPTS serves a number of end-markets including MEMS, power management, advanced packaging, high speed RF components, and LEDs on compound semiconductor substrates.
With over 500 employees in manufacturing, sales and service operations across 19 countries, SPTS serves the world’s leading micro-device manufacturers through its main operations in Newport, Wales and San Jose, California. In 2010 it generated sales of $217 million and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $58 million.
SPTS President and CEO William Johnson 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. SPP’s support in the company has been invaluable, and the Board is grateful for the success enabled by SPP.” “We are constantly looking to develop our capabilities to meet future customer needs and with Bridgepoint as a new investment partner, their financial and commercial expertise will be a key pillar to our expansion.”
“I have been closely involved in the development of SPTS following the time with STS since its acquisition made by SPP in 1995. Consequently, I am very pleased with our decision to support the management team’s plans to take SPTS forward,” said Susumu Kaminaga, president, SPP.
98
www.compoundsemiconductor.net July 2011
“They have become important colleagues and I wish them well in their endeavours in the future. For SPP, this transaction allows us to focus on other areas of our business which offer attractive investment opportunities. 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.”
Bridgepoint believes SPTS represents an attractive opportunity to acquire a market leader in the wafer fabrication equipment sector. Chris Bell, a director at Bridgepoint, said, “SPTS has strong positions in every sector in which it operates, and a global customer base in end markets poised for long term growth. In addition, we have identified with management a number of initiatives to optimise its operational performance, including acquisitions in attractive niche markets and joint ventures, such as the BluGlass agreement.”
Under the terms of the acquisition, its former parent SPP will continue to partner the business by taking a minority stake in the new business organisation. The company name will remain as SPTS.
Advisers involved in this transaction include: for vendor - BDO (corporate finance), Bingham (legal); for management – Osborne Clarke (legal), Ernst & Young (corporate finance); for Bridgepoint – Ernst & Young (transaction services), Travers Smith (legal), McKinsey, Prismark and OC&C (market due diligence). The transaction is subject to standard competition clearances.
SPP Process Technology Systems was established in October 2009 as the vehicle for the merger of Surface Technology Systems and acquired assets of Aviza Technology. The company was a wholly-owned subsidiary of Sumitomo Precision Products Co., Ltd., and designs, manufactures, sells, and supports advanced semiconductor capital equipment and process technologies for the global semiconductor industry and related markets. These products are used in a variety of market segments, including R&D, data storage, MEMS and nanotechnology, advanced 3-D packaging, LEDs, and power integrated circuits for communications.
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
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104