With $291M investment, Worcester manufacturer eyes M&A
Contributed
Ravi Vig, president and chief operating officer of Allegro MicroSystems LLC in Worcester.
Worcester manufacturer Sanken North American, which owns two semiconductor businesses -- Allegro Microsystems, LLC and Polar Semiconductor, LLC -- announced Tuesday a $291-million private investment by New York City private equity firm One Equity Partners.
In statements included in a press release, company executives from Sanken Electric and its wholly-owned subsidiary Sanken North America said the move represents the company’s effort to restructure and grow while ensuring access to investments. OEP is a division of JPMorgan Chase.
Ravi Vig, president and CEO of Sanken North America and Allegro MicroSystems, said the company has been focused on long-range business expansion beyond magnetic sensor and power integrated circuits.
“By aligning with OEP and leveraging their demonstrated expertise within the semiconductor industry, we will accelerate these activities, further improving operating efficiencies, enhancing our growth strategies, and pursuing merger and acquisition opportunities,” Vig said.
Sanken sold 28.8 percent of newly-issued shares to OEP to create $291 million. Proceeds will return to Sanken Electric Co., Ltd. in the form of a special dividend, the company said.
WBJ Web Partners
Most Recent
Most Recent
0 Comments