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SPP Process Technology Systems acquired from SPP

The manufacturer of etch, deposition, and thermal processing equipment for the compound semiconductor and related industries has been renamed SPTS Technologies.

SPTS Technologies, formerly known as SPP Process Technology Systems (SPTS), has 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 MEMS, power management, advanced packaging, high speed RF components, and high brightness LEDs.

With over 500 employees across 19 countries, SPTS supplies 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 William Johnson, president and CEO of SPTS. "Bridgepoint's financial backing and merger and acquisition 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 customer satisfaction."
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