Francisco Partners, a technology-focused private equity funds, has signed a definite agreement with Dover Technologies International, a subsidiary of Dover Corporation to acquire Vitronics Soltec, a global supplier of soldering technology for the electronics manufacturing and assembly industries. Terms of the transaction were not disclosed and are subject to normal closing conditions and regulatory approvals. Under the agreement, Universal Instruments Corporation and Hover-Davis are also being acquired and like Vitronics Soltec operated as independent companies.
“Vitronics Soltec, an industry leader in soldering solutions, 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.”
Management of the concerned sold companies commented on this acquisition as well in a very positive way. Erik Tobiason, President of Vitronics Soltec, says: “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.”
Hover-Davis, a leading manufacturer of feeder equipment for electronic assembly platforms, will continue to conduct its effective business strat-egy. Roland Heitmann, General Manager of Hover-Davis, says: “This new ownership will allow us to continue to invest and focus our development plans for our existing and potential global customer base.”
And Jeroen Schmits, President of Universal Instruments, announces: “Under this new and promising ownership, we will maintain our intense investment schedule and manufacturing facilities in Binghampton, New York, and in Shekou, China. We will soon introduce new platform models that extend our product lines and support further growth.“
EPP EUROPE 405
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