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Unquote
  • Exits

Bridgepoint sells SPTS for $370m

  • Alice Murray
  • Alice Murray
  • 07 July 2014
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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 Technologies Group

  • DEAL:

    Trade sale

  • VALUE:

    $370m

  • LOCATION:

    Newport

  • SECTOR:

    Semiconductors

  • FOUNDED:

    1984

  • VENDOR:

    Bridgepoint Capital

  • RETURNS:

    2.6x, 35% IRR

Company
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%.

People
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.

Advisers
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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