August 2, 2011
SPTS Management and Bridgepoint Complete Acquisition of SPP Process Technology Systems (SPTS)
LONDON and NEWPORT, Wales, August 2, 2011 /PRNewswire/ --
SPTS Technologies, formerly known as SPP Process Technology Systems
(SPTS), a leading manufacturer of etch, deposition, and thermal processing
equipment for the semiconductor and related industries today announced the
completion of the transaction by SPTS management and Bridgepoint to acquire
the company from Sumitomo Precision Products Co., Ltd. (SPP). The deal
closed with an enterprise value of nearly $200m. SPP will continue to have
an association with SPTS through a minority equity stake in the company, and
will cooperate with SPTS to jointly serve the Japanese market.
SPTS designs, develops and manufactures capital equipment used to
produce electronic and micro-devices for a number of high growth end-markets
including micro electro-mechanical systems (MEMS), power management,
advanced packaging, high speed RF components, and high brightness light
emitting diodes (LEDs). With over 500 employees across 19 countries, SPTS
supplies the world's leading micro-device manufacturers from its main
manufacturing facilities in Newport, Wales and San Jose, California.
On 27 June 2011, SPTS and Bridgepoint announced the signing of a
definitive purchase agreement to acquire the company from SPP, subject to
certain regulatory filings, now completed. As mentioned in the earlier
announcement, there will be no change in management, product strategy,
customer focus, or mission at SPTS after the ownership change, only a minor
change in name in deference to the former parent company.
The all-equity, debt-free transaction sets a positive example for
private equity funded management buy-outs of equipment companies, with
Bridgepoint known for taking a long term view on its investment portfolio.
"We are very pleased to announce the completion of the transaction
process, and are looking forward to the next phase of the company's growth,"
said Dr. William Johnson, president and CEO of SPTS. "Bridgepoint's
financial backing and merger and acquisition (M&A) experience will be great
assets in our growth strategy for the company." EVP & COO Kevin Crofton
agreed, "Bridgepoint provides a solid foundation as we expand our
operational infrastructure and we will continue our focus on best of breed
About SPTS Technologies
SPTS Technologies designs, manufactures, sells, and supports etch, PVD,
CVD and thermal capital equipment and process technologies for the global
semiconductor industry and related markets. These markets include MEMS,
advanced packaging, LEDs, high speed RF on GaAs and power management.
Formerly known as SPP Process Technology Systems, the company was acquired
by its management in June 2011, backed by European private equity firm
Bridgepoint. Prior to the acquisition, SPTS was a wholly-owned subsidiary of
Sumitomo Precisions Products Co., Ltd., formed from the merger of Surface
Technology Systems (STS) and acquired assets of Aviza Technology in 2009.
For more information about SPTS Technologies, please visit
Bridgepoint is a European private equity firm focussing on the
acquisition of companies valued up to EUR1 billion. With some EUR11 billion
of capital raised to date, it typically focuses on acquiring well managed
companies in attractive sectors with the potential to grow organically or
through acquisition. Although a generalist investor, Bridgepoint has
developed expertise in the business services, consumer, financial services,
healthcare, media, and industrial sectors. It has offices throughout Europe
in Frankfurt, Helsinki, Istanbul, London, Luxembourg, Madrid, Milan, Paris
and Stockholm. See http://www.bridgepoint.eu
SOURCE SPTS Technologies and Bridgepoint