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Private equity firm buys semiconductor arm of BOC Edwards for $900 million |
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Mar 12, 2007 at 12:41 PM |
 CCMP Capital, a private equity firm with previous ties to JPMorgan Chase & Co., has signed a deal to acquire the semiconductor equipment arm of BOC Edwards for an agreed sum of just over $900 million US dollars. The deal includes the vacuum pumps business and other related semiconductor equipment businesses of BOC Edwards, a company that was put up for sale after The BOC Group was acquired by The Linde Group last year. The pharmaceutical division of BOC Edwards will remain a subsidiary of The Linde Group and is not included in the deal.
"We are delighted to welcome CCMP as our new partners," stated Nigel Hunton, Chief Executive of BOC Edwards. "We feel they have a real understanding for our business and its potential and that their financial strength and scale will support the company as we develop our operations worldwide and capitalize on our strong market position. This is the start of a new independent era for BOC Edwards in which we can focus on delivering world class products and services to our customers."
"We are very pleased to have reached agreement to acquire BOC Edwards," stated Stephen Welton from CCMP Capital Advisors. "Our diligence has confirmed the leading position of BOC Edwards, its management and staff, its extensive product range and its strong customer relationships. We believe that under CCMP's ownership BOC Edwards can move to a new level as an independent company and develop its technology in new markets whilst retaining leadership in its core areas."
BOC Edwards employs over 4,000 people worldwide and had revenues of approximately $1.1 billion in 2006. The companies expect to close the transaction between the beginning of May and the end of June, subject to regulatory and customary closing conditions. Financing for the transaction has been provided by Deutsche Bank, Lehman Brothers, Barclays Bank, and The Royal Bank of Scotland. Lehman Brothers is serving as the exclusive mergers and acquisitions advisor to CCMP Capital.
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