BINGHAMTON, NY – A Universal Instruments spokesperson is disputing a published report in an online newsletter claiming the company has been sold and is being liquidated.

The March 3 edition of CircuitNet claimed, “It appears that Francisco Partners has sold the company to Patriarch Partners LLC, a private equity investment firm.” The story further asserted that Patriarch “is currently managing the day-to-day activities within the company and plans to sell off assets.”

Managing editor Steve DeCollibus, who wrote the report, cited as sources “some employees and former senior managers, [sic] who were laid-off.”

In a phone interview this afternoon with Circuits Assembly, Universal vice president of worldwide sales Brad Bennett denied most aspects of the story. “The CircuitNet story is not true,” he said. “We have not been bought. We are not liquidating assets.”

He said Patriarch invested an undisclosed amount in Universal in the original 2006 transaction and remains one of several debt holders of the placement equipment company, but that contrary to the CircuitNet story Francisco Partners remains an owner. Late last year, he said, Universal underwent a debt restructuring, at which point Patriarch became an active participant in the board and equity holder.

Furthermore, he said, there have been no changes in the day-to-day management of the company.

“It’s true that Patriarch is a debt holder. I am not sure what speculation drove the remaining points, but they are factually incorrect,” Bennett told Circuits Assembly.

Bennett asserted that Universal has doubled its market share in the past year, according to Protec data, adding, “We think we are in the best position of our competitors in this market.”

• Prev
• Next