Bridgepoint Capital has agreed to sell SPTS Technologies, a maker of etch, deposition and thermal processing equipment for the microelectronic industry, to Orbotech (NASDAQ: ORBK). Under the terms of the agreement, Orbotech will acquire SPTS for a total consideration (including repayment or assumption of debt) of approximately $370 million in cash.
SPTS designs, manufactures, sells and supports advanced capital equipment which, as part of the production process for microchips, is used to deposit and remove materials from semiconducting wafers. It operates across 19 countries in Europe, North America and Asia-Pacific. Bridgepoint purchased it in 2011 from Sumitomo Precision Products, closing the deal with an enterprise value of nearly $200 million.