NEW YORK -- Private equity firm Francisco Partners has purchased Vitronics and Universal Instruments, Circuits Assembly has learned.
An announcement is expected later today. Terms
were not disclosed and the transaction is subject to normal closing conditions
and regulatory approval.
Privately held Francisco
focuses on
investments in technology and related services businesses.
Last night, the firm has signed a definitive agreement with Dover
Technologies International, a subsidiary of Dover Corp., to acquire several Dover units, including Vitronics
Soltec, a leading supplier of soldering technology for the electronics
manufacturing and assembly industries, and placement equipment OEM Universal Instruments.
The deal also includes Unovis, the newly created unit that encompasses the SMT process lab and semiconductor equipment lines of Universal and the feeder lines of Hover-Davis.
The units will continue to operate under current management team and
strategies.
Vitronics Soltec president Erik Tobiason said, "We are
enthusiastic about becoming a member of the Francisco Partners portfolio.
Throughout our discussions, I have been impressed with Francisco Partners deep
industry knowledge, management expertise and extensive relationships in the
technology sector, as well as their focus on long term strategy, which is in
line with the philosophy that has grown our company to be a world leader in
soldering technology. We are looking forward to prospering together as our
vibrant company moves ahead. I am confident Francisco will be an excellent
partner and enabler."
Universal Instruments president Jeroen
Schmits said, “I am delighted at the
opportunity to work with a respected firm like Francisco Partners. Francisco is a company that understands and accepts the cyclical market
environments in which Universal operates. Under this new and promising
ownership, we will maintain our intense investment schedule and manufacturing
facilities in Binghamton, New
York, and in Shekou,
China. We
will soon introduce new platform models that extend our product lines and
support further growth. Francisco is active across a broad range of technology sectors, including
semiconductors and capital equipment, electronics components and manufacturing,
IT services and business process outsourcing, communications, security,
and application and infrastructure software. It has approximately $5 billion in
capital and concentrates on investments up to $500 million.
Francisco
also owns C-MAC and SMART Modular Technologies. |
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