Photonics supplier, Qioptiq, has been bought by US-based Excelitas Technologies for an undisclosed sum. Excelitas Technologies provides optoelectronics and advanced electronic systems.
The combined companies will serve a market opportunity of more than $4 billion worldwide and have around 5,000 employees.
Qioptiq is a well-known manufacturer of high precision optical components, modules and solutions for commercial and the aerospace and defence sectors. It was formed in 2005 when it was acquired from Thales by Candover Partners. It has been managed by Arle Capital Partners since 2010.
The business has grown from a network of seven international companies, including Linos, Pilkington and Point Source, among others, into a global specialist in the photonics sector. The company operates from ten different locations in Germany, UK, Singapore, US and Hungary and employs more than 1,900 people.
While no financial details were disclosed of the deal, Candover Investments said the sale is expected to generate estimated cash proceeds of €9.5 million, together with carried interest of €5.5 million. This is in line with the valuation of Candover’s investment in Qioptiq at 30 June 2013. In addition, up to €0.7 million equivalent will be held in escrow, to be paid should certain criteria be met.
Commenting on the sale, David Marks, CEO of Qioptiq, said: ‘Since the formation of Qioptiq in 2005, the company has developed into a strong player in the photonics industry, through organic growth and strategic acquisitions. The strength of the new combined entity will benefit our customers and create opportunities for our employees.’
David Nislick, CEO of Excelitas Technologies, said: ‘Excelitas and Qioptiq are both market leaders in their respective product spaces and our combined portfolio of active and passive optoelectronics products and capabilities will offer the global OEM community a one-stop source for high reliability, high performance photonic components and subsystems solutions.’
The transaction is subject to customary closing conditions and is expected to be completed in the next 60 days.
