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BOC342
Issue Date: 12th March 2007
CCMP Capital agrees to acquire BOC Edwards’ Vacuum and Semiconductor Equipment Business
London, 12 March 2007: CCMP Capital, through affiliates of
CCMP Capital
Advisors LLC and CCMP Capital Asia, Ltd., premier international private
equity
firms, have reached agreement with The Linde Group, the global gases
company, to acquire BOC Edwards, a leading manufacturer of vacuum
equipment. The deal is valued at £460m, with an additional payment
of £45m if
CCMP Capital is successful in developing the business and subsequently exiting
its investment.
BOC Edwards is a leading global supplier of equipment and services to the
world’s most advanced industries, including semiconductor, flat panel
display,
chemical, metallurgical, analytical instrumentation and R&D. It supplies
major
manufacturers in Asia, Europe and the Americas through a worldwide
manufacturing and sales network.
The acquisition follows last year’s acquisition of The BOC Group by
Linde and
Linde’s announcement last September that it intended to focus on its
global
gases operations and would review strategic options for the divestment of
BOC
Edwards.
CCMP Capital Advisors and CCMP Capital Asia are acquiring the main vacuum
and semiconductor equipment business of BOC Edwards. The pharmaceutical
division will remain a subsidiary of The Linde Group.
Commenting on the announcement Nigel Hunton, Chief Executive of BOC
Edwards, said: “We are delighted to welcome CCMP as our new partners.
We
feel they have a real understanding for our business and its potential and
that
their financial strength and scale will support the company as we develop
our
operations worldwide and capitalise on our strong market position. This
is the
start of a new independent era for BOC Edwards in which we can focus on
delivering world class products and services to our customers.”
Stephen Welton from CCMP Capital Advisors added: “We are very pleased
to
have reached agreement to acquire BOC Edwards. Our Diligence has confirmed
the leading position of BOC Edwards, its management and staff, its extensive
product range and its strong customer relationships. We believe that under
CCMP’s ownership BOC Edwards can move to a new level as an independent
company and develop its technology in new markets whilst retaining leadership
in its core areas.”
John Lewis from CCMP Capital Asia, commented: “BOC Edwards is an
outstanding business with a rapidly growing Asian customer base, including
leading semiconductor companies and equipment manufacturers in Greater
China, Korea, Japan and Singapore. We will support management, using
CCMP’s presence and experience in these markets to help BOC Edwards
get
closer to their fast growing Asian customer base.”
The companies expect to close the transaction between the beginning of May
and the end of June subject to regulatory review and customary closing
conditions.
For further information contact
Customer Care, BOC Edwards. Manor Royal, Crawley, RH10 9LW
Tel: 01293 528844
email: info@bocedwards.com
Website: http://www.bocedwards.com