SMTC is now a private company
It was back in January 2021 that EMS provider SMTC Corporation announced that it had entered into a definitive merger agreement with an affiliate of H.I.G. Capital, a global alternative investment firm, which would transform the SMTC into a private company.
As previously reported, SMTC stockholders will receive USD 6.044 per share in cash, and the company's common stock will cease trading on the Nasdaq exchange. Now, just a few months later, the EMS provider announces the completion of the transaction. “With the completion of H.I.G.’s investment in SMTC, we are better positioned to execute our strategy to expand our integrated manufacturing service capabilities for our customers. As a private company, SMTC will have greater access to resources to invest in the high-growth-markets with high-quality, innovative solutions and services,” says Ed Smith, who will continue as President and Chief Executive Officer of SMTC Corporation, in a press release. Phillip Wood-Smith, Managing Director of H.I.G., adds, “We are excited to help SMTC achieve its full potential as a private and independent company by supporting Eddie Smith and his team as they build a stronger customer-focused EMS platform.”