Bridgepoint has offloaded high-tech semiconductor business SPTS Technologies Group to Orbotech for $370m.
The deal has rewarded Bridgepoint with a 2.6x return and a 35% IRR.
Bridgepoint acquired the company in June 2011 from former parent SPP in an auction run by BDO, according to unquote" data.
SPTS manufactures equipment for removing materials from semiconducting wafers, as part of the microchip production process. Its equipment is used for advanced microchip packaging and ultra-small mechanical sensors, or micro-electro-mechanical systems, used in smartphones, tablets and games consoles.
The company is present in 19 countries across Europe, the US and Asia-Pacific. It has manufacturing sites in Newport, Wales; Allentown, Pensylvania; and San Jose, California.
In 2014, SPTS is expected to generate revenues of $180m with an EBITDA margin of 25%.
Christopher Bell is a partner at Bridgepoint. Bill Johnson is CEO of SPTS and Kevin Crofton is president and COO. Asher Levy is CEO of Orbotech.
Vendor – Jefferies (M&A); EY (M&A, financial due diligence); McKinsey (Commercial due diligence); Travers Smith (Legal); ERM (Environmental due diligence).
Equity – JP Morgan (M&A).
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