Trustar exits Japan's Moritex via $275m trade sale
Trustar Capital has sold Japanese machine vision lenses maker Moritex Corporation to a strategic buyer for about USD 275m after a nearly nine-year hold.
It is the largest-ever acquisition by NASDAQ-listed machine vision software company Cognex, which was founded in 1981. “Moritex exceeds our selection criteria based on its strategic fit, reputation, growth prospects, culture of innovation, and financial profile.” Cognex CEO Robert Willet said in a statement.
Trustar acquired 71.6% of Moritex for JPY 1.8bn (USD 12.3m) in early 2015, according to AVCJ Research. The investor, then known as CITIC Capital Partners, invested via its second Japan cross-border buyout fund, a JPY 18.1bn vehicle that launched in 2010. The plan was to leverage connections in China and across Asia to develop resources, consulting ability, and business management know-how.
The business was acquired as a carve-out from German technology group Schott, with a rebrand and new logo in place by mid-2015. This marked the beginning of a three-year programme to expand into the semiconductor and flat panel display markets, while deepening exposure to electronics and automotive. Business development in China was a priority.
At the time of acquisition, Moritex was already recognised as having the second largest market share in its niche globally. The company, founded in 1974, manufactures machine vision systems such as high-spec lenses, LED lighting, and medical and cosmetic equipment.
Trustar’s holding period was marked by a string of at least 20 new product launches, all various models of industrial-use lenses and sensors. A German office was set up in 2016, adding to existing bases in China, the US, and Singapore. Recent activity includes confirmation last February that manufacturing operations were expanding from China to include Vietnam.
“Under Trustar Capital’s ownership, Moritex has reinforced its presence in the machine vision system market," Trustar said in a separate statement. It highlighted the company's diverse customer base, overseas expansion, and significant profitability enhancement.
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