EQT III sells VTI Technologies to Murata Manufacturing
- EQT III has agreed to sell VTI Technologies to the publicly listed Japanese electronic components company Murata Manufacturing for an enterprise value of EUR 195 million.
- During EQT III’s ownership, VTI Technologies has developed into a leading designer and manufacturer of high-performance MEMS sensors, with strong positions across the market segments it operates in.
EQT III today announced that it has alongside with management agreed to sell VTI Technologies (“VTI”), the world’s largest independent designer and manufacturer of high-performance MEMS sensors, to the publicly listed Japanese electronic components company Murata Manufacturing (“Murata”).
EQT III acquired VTI from Breed Technologies Inc. in June 2002 and VTI has since then increased sales by more than 75%. Substantial investments in research and development during EQT III’s ownership have enabled VTI to further strengthen its position in acceleration sensors for automotive safety systems and selected medical applications as well as expand into new segments, such as consumer electronics. The recently launched new products, including the new generation sensor for the transportation segment and three-axis gyroscope for consumer electronics applications, will be key growth drivers for VTI going forward.
Murata Manufacturing is a worldwide leader in the design, manufacture and sale of ceramic-based passive electronic components and power supply modules. With annual revenues of ¥618 billion (approx. EUR 6 billion), Murata is committed to the development of advanced electronic materials and leading edge, multi-functional, high-density modules. Murata has employees and manufacturing facilities throughout the world. The combination of VTI and Murata is industrially very strong and complementary both with regards to product portfolios and exposure to different end markets.
“Great results have been achieved together with VTI management and we believe that VTI is now ready for its next growth phase with a new owner. We are confident that Murata, with its advanced technological profile, will be a good platform for VTI ‘s future development”, comments Johan Hähnel, EQT III press spokesperson.
“EQT III has been a supportive owner and provided VTI with valuable resources and expertise throughout its ownership. We believe VTI and Murata have a strong strategic fit and are excited about the opportunity of combining VTI’s product development and manufacturing competence with Murata’s well-built customer base and technological know-how”, says Markku Hirvonen, President and CEO of VTI.
Closing of the transaction is subject to approvals from competition authorities and is expected to take place in less than six months from now.
Contacts: EQT III Press Spokesperson
+46 8 506 55 334
EQT is the leading private equity group in Northern Europe with close to EUR 18 billion in raised capital and multiple investment strategies. Together with a superior network of Industrial Advisors, EQT implements its business concept by acquiring or financing good medium-sized to large companies in Northern and Eastern Europe, Asia and the United States, developing them into leading companies. Development is achieved by applying an industrial strategy with focus on growth. Since inception, EQT has invested more than EUR 10.5 billion in around 100 companies and exited close to 50. EQT-owned companies have more than 550,000 employees.
EQT Partners, acting as investment advisor to the managers of each EQT fund, has around 120 investment professionals with an extensive industrial and financial competence. EQT Partners has offices in Copenhagen, Frankfurt, Helsinki, Hong Kong, Oslo, London, Munich, New York, Shanghai, Singapore, Stockholm, Warsaw and Zurich.
More information can be found on www.eqt.se
About VTI Technologies
VTI Technologies Oy is a leading supplier of acceleration, inclination and angular motion sensor solutions for transportation, medical, instrument and consumer electronics applications. In their end-use applications, VTI’s products improve safety and quality of life. The silicon-based capacitive sensors are based on the company’s proprietary 3D MEMS (Micro Electro-Mechanical System) technology. The company had net sales of EUR 75.8 million in 2010.
About Murata Manufacturing
Murata Manufacturing Co., Ltd. is a worldwide leader in the design, manufacture and sale of ceramic-based passive electronic components and power supply modules. With annual revenues of ¥618 billion, Murata is committed to the development of advanced electronic materials and leading edge, multi-functional, high-density modules. The company has employees and manufacturing facilities throughout the world.
EQT III is part of the leading private equity group known as EQT which consists those funds and managers who are advised directly or indirectly by EQT Partners and/or its subsidiaries