PORTUGAL - Change Partners reaps 20% IRR from Acacia sale

It is understood that Change Partners alone has made an IRR of 20% with a 1.4x multiple on the investments made in 2001 and 2006. Sources close to deal revealed that the private equity backers had been looking for an international additional investor for a while, but the small amount of capital that was required immediately (around EUR 2m) as well as the founders' interest to exit via a trade sale to a larger sector player were behind the decision to divest.

Portuguese technology business Acacia Semiconductor is basd in Lisbon. Its semiconductor technology is based on the combination of analog design techniques and a proprietary analog design, as well as an optimisation platform to enable superior IP performance, customisation and reuse.

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