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Private investment firm, Bayside Capital has purchased substantially all the assets of Akrion, Inc., for an undisclosed sum; Akrion had attempted an IPO in the past. Bayside Capital said it was investing capital into Akrion to target further growth in the semiconductor and solar cleaning equipment markets with new product introductions and increased R&D.

"The transaction provides a long-term financial partner for Akrion Systems," said James S. Molinaro, President and CEO. "We have the resources to continue to provide superior support to existing customers while investing in research and development to grow both our batch-immersion and single-wafer product lines."

"Akrion Systems has a winning combination of proprietary technology, a global service team and deep customer relationships,” said Adam Schimel of Bayside Capital. “The company will benefit from the growing importance of surface preparation as semiconductor device geometries shrink. The company is also helping the solar industry produce more efficient solar cells at a lower cost. With Bayside's investment and ongoing strategic and operational support, Akrion Systems is well positioned to become the premier provider of surface preparation systems to the solar and semiconductor industry."

Members of the Bayside team will serve on Akrion System's board, while management will oversee day-to-day operations the company said.