Bridgepoint buys Sumitomo Precision's semiconductor business
European private equity firm Bridgepoint has purchased semiconductor component maker SPP Process Technology Systems, a subsidiary of Tokyo-based Sumitomo Precision Products, via a management buyout for an undisclosed sum.
According to a statement from the parties, Bridgepoint's investment will help SPP Process reach its next level of production. SPP Process designs, manufactures and sells advanced semiconductor capital equipment, and it claims to manage more than 500 employees across 19 countries, with its main operations in Newport, Wales, and San Jose, California. It reported sales of $217 million in 2010 and EBITDA of $58 million.
According to Sumitomo Precision Products' President Susumu Kaminaga, the transaction enables the company to focus on other areas of its business. He added the Sumitomo Precision will continue to retain a stake in SPP Process, and work with management through a joint venture for the Japanese market.
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