CapMan exits Picosun to trade

Ero Partsakoulaki
17 June 2022

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CapMan has sold Picosun Oy, a Finnish manufacturer of atomic layer deposition equipment, to California-based semiconductor manufacturer Applied Materials.

This is the largest exit in CapMan's operating history, measured by the portfolio company's valuation, according to a press release.

CapMan invested EUR 12m in Picosun via its CapMan Growth Equity Fund in 2019, which reached a final close on its hard-cap of EUR 86m in December 2017, according to Unquote Data. The Picosun sale is taking the fund, which has eight companies remaining, into carry upon exit. The vehicle was the GP's first growth fund and aimed to invest EUR 2m-EUR 10m into Nordic businesses that had passed the start-up phase.

Under CapMan's ownership, Picosun has built new facilities, opening new markets and developing Atomic Layer Deposition (ALD) technology primarily for specialty semiconductors, according to a statement.

The addition of Picosun's ALD technology broadens the Applied Materials' ICAPS (Internet of Things, Communications, Automotive, Power and Sensors) product portfolio and customer engagement. Picosun also brings R&D capabilities and strong relationships with research institutions and universities throughout the world, according to a press release from the buyer.

The transaction has been approved by the Ministry of Economic Affairs and Employment of Finland.

Company
Founded in 2003 and based in Espoo, Finland, Picosun serves hundreds of customers,and has more than 200 employees worldwide. Picosun provides ALD (Atomic Layer Deposition) thin film coating solutions for global industries. Its ALD equipment is in daily manufacturing use in various industries around the world. Picosun has subsidiaries in Germany, USA, Singapore, Japan, South Korea, China and Taiwan, with offices in India and France, and a global sales and support network.

People
Picosun − Jussi Rautee (CEO); Kustaa Poutiainen (former chairman).
Vendor − Juha Mikkola (senior partner).
Applied Materials − Gary Dickerson (president and CEO); Sundar Ramamurthy (vice president and general manager of the ICAPS group).

Advisers
Acquirer − Goldman Sachs (corporate finance); Hogan Lovells (legal).