Japan's Polaris exits Clean Surface Technology
Japan-based Polaris Capital has sold its 100% stake in domestic electronics supplier Clean Surface Technology (CST) to coal mining company Mitsui Matsushima for JPY4 billion ($35 million).
Polaris acquired the company in 2014 for an undisclosed sum through its third private equity fund, which closed in 2013 at JPY39.1 billion. The turnaround plan included support for global growth and efforts to increase sales, production and technology development capabilities.
According to a statement, CST has a high market share in its focus lighting technology segments and is now expecting to grow sales channels through related emerging markets. The transaction aims to accelerate growth by making the company one of Mitsui’s core units.
Founded in 1977, CST is considered Japan’s first specialist manufacturer of photo mask blanks, a component used in the making of LCD screens, touch panels, semiconductors and organic light-emitting diodes (OLED).
Polaris increased its exposure to this space last year with the acquisition of an LCD panel equipment manufacturing business from Hitachi for an unspecified sum.
Private equity interest in flat screen lighting technology has been supported by expectations for growth in smart phone demand and the need to introduce manufacturing efficiencies as production increases. Other recent activity in this space includes a $13.5 million round from Samsung Venture Investment for Kyulux, a Japanese developer of OLED technology.
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