Advanced Energy acquires TEGAM for $18 million

Based in Geneva, Ohio, TEGAM strengthens Advanced Energy in process power by adding complementary RF power instruments and calibration systems and further expands its presence in several advanced industrial markets. “We are pleased to welcome the TEGAM team to Advanced Energy,” says Steve Kelley, President and CEO of Advanced Energy in a press release. “As the pure play power leader, we are committed to delivering complete solutions to our customers. With this acquisition, we further extend our leadership in RF power by adding TEGAM’s industry-leading metrology and calibration technologies that contribute to the precise control and repeatability of RF power delivery in plasma etch and deposition processes.” “We are excited to join the Advanced Energy family,” adds Andy Brush, former CEO of TEGAM. “Combined, we will enhance the power precision of our customers’ equipment.” Under the terms of the agreement, Advanced Energy paid USD 18 million in cash for the acquisition, subject to customary adjustments for net working capital. TEGAM generated approximately USD 10 million in revenue for its fiscal year ending October 2020. The company expects the acquisition to be accretive to 2021 earnings on a non-GAAP basis.