SMT & Inspection | August 30, 2006
Francisco Partners buys Vitronics Soltec<br> and Universal Instruments
Francisco Partners, one of the world's largest technology-focused private equity funds, has signed a definitive agreement with Dover Technologies International, a subsidiary of Dover Corporation to acquire Vitronics Soltec and Universal Instruments.
Terms were not disclosed and the transaction is subject to normal closing conditions and regulatory approval. Vitronics Soltec will continue operation under its current management team and focused business strategy. Vitronics Soltec will continue to develop, manufacture, and market its strong portfolio of products and services globally. "Vitronics Soltec represents an exciting opportunity for Francisco Partners," says Dipanjan Deb, Managing Partner of Francisco Partners. "The company's commitment to innovation, broad product line and global infrastructure fit soundly within our portfolio and represent a solid foundation on which to build." In making the announcement, Erik Tobiason, President of Vitronics Soltec, said "We are enthusiastic about becoming a member of the Francisco Partners portfolio. Throughout our discussions, I have been impressed with Francisco Partners' deep industry knowledge, management expertise and extensive relationships in the technology sector, as well as their focus on long term strategy, which is in line with the philosophy that has grown our company to be a world leader in soldering technology. We are looking forward to prospering together as our vibrant company moves ahead. I am confident Francisco will be an excellent partner and enabler." Universal Instruments will continue to operate under its current management team, with a focused business strategy to continue to develop, manufacture, and market its strong portfolio of products and services globally. "We are excited about the opportunity to partner with Universal Instruments," commented Dipanjan Deb, managing partner of Francisco Partners. "We were attracted to Universal due to the strength of their products and talented workforce. We believe Universal provides us with a strong platform for growth in an exciting, dynamic market. The long-term growth of the electronics market, combined with the outstanding portfolio of existing and future products, makes Universal an excellent investment for us. Everyone will benefit from our smooth transition process and our long-term plans to build out this business." Jeroen Schmits, President of Universal Instruments says: "I am delighted at the opportunity to work with a respected firm like Francisco Partners. Francisco is a company that understands and accepts the cyclical market environments in which Universal operates. Under this new and promising ownership, we will maintain our intense investment schedule and manufacturing facilities in Binghamton, New York, and in Shekou, China. We will soon introduce new platform models that extend our product lines and support further growth." Under the agreement, Hover-Davis, Inc. has also been acquired by Francisco Partners and operated as independent companies, as previously announced on evertiq.
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