Press Release
12 August 2009
Nova and FF&P back acquisition of leading Optics business
Nova Capital Management and FF&P Private Equity are pleased to announce that they will acquire the Oerlikon Optics business in Shanghai from OC Oerlikon for an undisclosed sum. Closing of the deal is expected in early September following clearance from the Chinese government authorities.
EIS Optics Limited, a new UK company, will acquire all the shares of Oerlikon (Shanghai) Co. Ltd and relevant assets and employees in China, Liechtenstein, the US, Japan and Taiwan.
Established in 2002 and employing 350 people, the Oerlikon Optics operation located in Shanghai produces high volume coated optical components for an international customer base in the projection display and other optical component markets. The company is a leading edge manufacturer, with expertise in optical coatings, photo-lithography and high volume, high precision component assembly, and has significant intellectual property, both inbuilt and licensed from Oerlikon.
Patrick Austen, Operating Partner of Nova Capital Management, said: "The acquisition of the Oerlikon Optics business in Shanghai is the culmination of a diligent process we went through with Oerlikon. We are very pleased to have completed the acquisition and look forward to developing the business as an independent entity. We are strongly supportive of the management team's growth plans for the business and are committed to working with the existing team to serve and build on their global customer base as we look to the future."
Henry Sallitt, Co-head of FF&P Private Equity commented, "We are delighted to be acquiring this market leading optical business. We believe that with Nova and FF&P's support the existing management team has the opportunity to build on its established reputation within the projection display sector and continue to provide its international customer base with products of the highest quality".