Platinum Equity has completed the sale of Truesense Imaging to ON Semiconductor. No financial terms were disclosed. Truesense Imaging is a provider of image sensing devices.
LOS ANGELES, CA–(Marketwired – May 1, 2014) – Platinum Equity announced today it has completed the sale of Truesense Imaging to ON Semiconductor (NASDAQ: ONNN). Truesense Imaging is a provider of high-performance image sensing devices addressing a wide range of industrial end-markets, including machine vision, surveillance, traffic monitoring, medical and scientific imaging, and photography.
“We are proud of this investment and of all the hard work that went into making it successful,” said Platinum Equity’s Jason Leach, who led the initial acquisition. “The business is fundamentally strong and is well positioned to succeed under new ownership.”
Platinum Equity acquired the business (previously known as Kodak Image Sensor Solutions) in November 2011. Based on audited results, Truesense Imaging’s revenue for 2013 was approximately $79 million.
“As a firm we remain very active in the lower middle market and the Truesense investment is another great example of how we continue to create value in that space,” said Mr. Leach. “It is also a great representation of our core expertise in corporate divestitures, where sellers trust Platinum Equity to execute seamless transitions and to help the businesses we acquire reach their potential.”
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O(R) firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 150 acquisitions.