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Bridgepoint buys Sumitomo business unit

Posted: 29 Jun 2011 ?? ?Print Version ?Bookmark and Share

Keywords:semiconductor? power management? packaging?

SPP Process Technology Systems Ltd (SPTS), a subsidiary of Sumitomo Precision Products Co. Ltd (SPP) has announced that private equity firm Bridgepoint Capital Ltd is endorsing a management acquisition of SPTS from SPP.

SPTS designs, develops, and manufactures capital equipment used in the production of devices on semiconductor substrates. It serves a number of end-markets including MEMS, power management, advanced packaging, high speed RF components and LEDs on compound semiconductor substrates.

With over 500 employees in manufacturing, sales and service operations across 19 countries, SPTS serves the micro-device manufacturers through its main operations in Newport, Wales and San Jose, California.

"The investment by Bridgepoint in SPTS signifies the next stage in our evolution as a market leader in the MEMS, compound semiconductor, advanced packaging and power markets. SPP's support in the company has been invaluable, and the board is grateful for the success enabled by SPP," said SPTS president and CEO William Johnson. "We are constantly looking to develop our capabilities to meet future customer needs and with Bridgepoint as a new investment partner, their financial and commercial expertise will be a key pillar to our expansion."

"I have been closely involved in the development of SPTS following the time with STS since its acquisition made by SPP in 1995. Consequently, I am very pleased with our decision to support the management team's plans to take SPTS forward," said Susumu Kaminaga, president of SPP. "They have become important colleagues and I wish them well in their endeavours in the future. For SPP, this transaction allows us to focus on other areas of our business which offer attractive investment opportunities. However, we will continue to cooperate with SPTS, retaining a stake and working together with them through a joint venture for the Japanese market."

Chris Bell, a director at Bridgepoint noted, "SPTS has strong positions in every sector in which it operates, and a global customer base in end markets poised for long-term growth. In addition, we have identified with management a number of initiatives to optimize its operational performance, including acquisitions in attractive niche markets and joint ventures, such as the BluGlass agreement."

Under the terms of the acquisition, its former parent SPP will continue to partner the business by taking a minority stake in the new business organization. The company name will remain.

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