Investcorp Sells Veco Precision, A Division Of SPGPrints
NEW YORK — April 19, 2018 — Investcorp, a global provider and manager
of alternative investments, today announces that it has sold Veco
Precision (or “Veco” or “the Company”) to Gilde Buy Out Partners and
Management.
Veco is being carved out of and sold by its parent company SPGPrints
Group B.V, the global provider of integrated solutions for rotary screen
and digital printing for textiles and industrial applications, acquired
by Investcorp in July 2014. Veco, founded in 1934, manufactures
high-precision metal components for a broad range of applications and is
based in Eerbeek, The Netherlands and employs approximately 350 full
time employees. The Company serves over 1,500 customers across
approximately 85 countries worldwide from its sites in The Netherlands,
United Kingdom, Germany and India.
Working alongside the management team, Investcorp has supported Veco
to identify and establish Joost Smits’ leadership as the Company’s Chief
Executive Officer and to grow organically as well as through add-on
acquisitions, building scale and enabling the Company to establish
itself as a standalone business. Throughout this period, Veco has
maintained a track record of innovation and has built a strong pipeline
that supports its leading market position and supports the future growth
of the Company.
Commenting on the sale, Andrea Davis, Managing Director, Corporate
Investment Europe at Investcorp, said: “Veco is an enormously successful
subsidiary of SPGPrints with a proven track record of innovation and is
now well-positioned as a standalone company. By identifying the growth
potential in key applications and new clients, through successful add-on
acquisitions and significant investments into Veco’s technology, we
have seen the business prosper. Joost Smits and his team have done an
excellent job in preparing Veco for its next phase of growth as an
independent business and we wish them every success in the future.”
Joost Smits, Chief Executive Officer of Veco, added, “We have greatly
enjoyed our partnership with Investcorp and their valuable support in
realizing significant growth. There is a solid foundation to continue
our journey as a standalone business. We remain committed as a
management team to our ambitious growth strategy and look forward to the
opportunities that lie ahead with our new partner.”
William Blair acted as exclusive financial advisor on the transaction.
Friday, 20 April 2018