As reported by PE Hub Network, AEA Investors is acquiring Excelitas Technologies (Waltham, MA) from Veritas Capital, in a deal that is expected to close in the fourth quarter of this year. Goldman Sachs was financial adviser to Excelitas while Credit Suisse provided financial advice to AEA Investors. Financial terms were not announced.
In August, Reuters noted that Veritas hired Goldman Sachs Group to pursue a so-called dual track sale process for Excelitas by which the company could have been sold outright or floated via an initial public offering. If successful, Excelitas was estimated to fetch as much as $2 billion, insiders said.
Excelitas’ core capabilities include detection, optics, illumination, and advanced electronics, and it primarily targets high-growth applications within the life sciences, industrial, semiconductor, consumer, and defense and aerospace markets.
“We are excited to partner with AEA Investors,” said David Nislick, CEO of Excelitas. “AEA Investors has a history of successful investments in our space. This opportunity positions us well to capitalize on the next phase of Excelitas’ growth, as we continue delivering innovative photonics technologies to our customers. We thank Veritas for their partnership and support over the past several years. Under Veritas’ ownership, we strengthened our competitive positioning, expanded our addressable market and experienced tremendous growth.”
Source: PE Hub Network
Conard Holton
Conard Holton has 25 years of science and technology editing and writing experience. He was formerly a staff member and consultant for government agencies such as the New York State Energy Research and Development Authority and the International Atomic Energy Agency, and engineering companies such as Bechtel. He joined Laser Focus World in 1997 as senior editor, becoming editor in chief of WDM Solutions, which he founded in 1999. In 2003 he joined Vision Systems Design as editor in chief, while continuing as contributing editor at Laser Focus World. Conard became editor in chief of Laser Focus World in August 2011, a role in which he served through August 2018. He then served as Editor at Large for Laser Focus World and Co-Chair of the Lasers & Photonics Marketplace Seminar from August 2018 through January 2022. He received his B.A. from the University of Pennsylvania, with additional studies at the Colorado School of Mines and Medill School of Journalism at Northwestern University.