Binghamton, New York, USA, August 30, 2006 - Francisco Partners has signed a definitive agreement with Dover Technologies International, a subsidiary of Dover Corporation (NYSE:DOV) to acquire Universal Instruments Corporation, a leading supplier of circuit board assembly equipment. Terms of the transaction were not disclosed and are subject to normal closing conditions and regulatory approvals. Francisco Partners is a leading global private equity firm focused exclusively on investments in technology and technology-enabled businesses.
Universal will continue to operate under its current management team, with a focused business strategy to continue to develop, manufacture, and market its strong portfolio of products and services globally.
"We are excited about the opportunity to partner with Universal Instruments," commented Dipanjan Deb, managing partner of Francisco Partners. "We were attracted to Universal due to the strength of their products and talented workforce. We believe Universal provides us with a strong platform for growth in an exciting, dynamic market. The long-term growth of the electronics market, combined with the outstanding portfolio of existing and future products, makes Universal an excellent investment for us. Everyone will benefit from our smooth transition process and our long-term plans to build out this business."
Jeroen Schmits, President of Universal Instruments says: "I am delighted at the opportunity to work with a respected firm like Francisco Partners. Francisco is a company that understands and accepts the cyclical market environments in which Universal operates. Under this new and promising ownership, we will maintain our intense investment schedule and manufacturing facilities in Binghamton, New York, and in Shekou, China. We will soon introduce new platform models that extend our product lines and support further growth."
Under the agreement, Vitronics Soltec and Hover-Davis, Inc. are also being acquired by Francisco Partners and operated as independent companies.
About Francisco Partners
With approximately $5 billion of capital under management, Francisco Partners (www.franciscopartners.com) is one of the world's largest technology-focused private equity funds. The firm was founded to pursue structured investments in technology companies at strategic, technological, and operational inflection points. Francisco Partners pursues investment opportunities where domain knowledge, strategic insight, and long-term focus generate a differentiated view of investment value and drive superior investment returns. Francisco Partners makes majority and minority investments in private companies, public companies, and divisions of public companies. The principals of Francisco Partners have a proven track record, having invested in excess of $3 billion of equity capital in over 50 technology companies.
About Universal Instruments
Universal Instruments (www.uic.com) is a leading manufacturer of Circuit Board Assembly equipment. Universal serves the Surface Mount and Insertion Machine electronic assembly markets with a rich tradition of excellent products and services. Additionally, the newly announced Unovis group will focus on providing specialized assembly solutions. Unovis, a combination of Universal's former ASA Division (Advanced Semiconductor Assembly), OFA Division (Odd Form Assembly), and SMT Laboratory functions, and Hover-Davis, Inc.'s direct feeder business, is positioned to rapidly grow into the market leader for specialized assembly solutions.
Karen Moore Watts
Universal Instruments Corporation
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