MRSI Completes $6M LBO PDF Print E-mail
Written by Mike Buetow   
Thursday, 30 January 2014 10:27

BILLERICA, MA — MRSI Systems, a developer and manufacturer of turnkey chip placement and dispensing systems, announced today it has completed a leveraged buyout of assets from parent company Newport Corp. MRSI paid $6 million in the deal, with funding provided by a private investment group comprised of senior leadership, plus Massachusetts Growth Capital and Boston Private Bank & Trust.

The transaction, originally announced in October, means MRSI will remain in Massachusetts, the company said.

“When we heard that Newport was considering the divestiture, we immediately requested that the management team also have the option to make an offer for the business,” said Michael Chalsen, president of MRSI. “We felt the best option for guaranteeing that jobs stay local was to pursue the management buyout. It would have been unfortunate to lose these jobs -- not only for the employees and their families, but also for the local economy.”

“The MRSI management team has compelling credentials, averaging more than 25 years of experience in the organization,” said Lisa Eisenberg of Boston Financial Resources, whose advised the company and put together the financing. “They have a strong vision to take the business forward, and I look forward to working with them to grow the company.”

As a now stand-alone company, MRSI anticipates more growth over the coming years from emerging markets within the advanced packaging markets.

According to Chalsen, there will be no changes to MRSI’s location, day-to-day operations or management as a result of this transaction. The existing, long-term MRSI management team and employee base remain committed to continuing to serve the needs of their customers, with renewed energy and focus on expanding the capabilities of MRSI’s products and services. There will not be any changes to customers’ contact points including support or service.

 

Last Updated on Thursday, 30 January 2014 10:33
 

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