AEA Investors to acquire PE-backed Excelitas


AEA Investors has agreed to acquire Waltham, Massachusetts-based Excelitas Technologies, a provider of photonics technology solutions. No financial terms were disclosed. The deal is expected to close in the fourth quarter of this year. Goldman Sachs was financial adviser to Excelitas while Credit Suisse provided financial advice to AEA Investors. Excelitas is a portfolio company of Veritas Capital.

PRESS RELEASE

Waltham, MA – October 18, 2017 – Excelitas Technologies (Excelitas or the Company), a portfolio company of Veritas Capital (Veritas), today announced a definitive agreement to be acquired by AEA Investors LP (AEA Investors). Financial terms of the agreement were not disclosed.

Excelitas is a leading global provider of photonics technology solutions. The Company’s components, modules and sub-systems enable its customers to develop unique, technology-driven products that serve a broad range of growing end markets. Excelitas’ core capabilities include expertise in detection, optics, illumination and advanced electronics. The Company primarily targets high-growth applications within the life sciences, industrial, semiconductor, consumer and defense and aerospace markets.

“We are excited to partner with AEA Investors,” said David Nislick, CEO of Excelitas. “AEA Investors has a history of successful investments in our space. This opportunity positions us well to capitalize on the next phase of Excelitas’ growth, as we continue delivering innovative photonics technologies to our customers. We thank Veritas for their partnership and support over the past several years. Under Veritas’ ownership, we strengthened our competitive positioning, expanded our addressable market and experienced tremendous growth.”

Hugh Evans, a Managing Partner of Veritas Capital, said, “We have enjoyed our successful partnership with Excelitas. David and the Excelitas team have generated strong growth while consistently delivering critical enabling technologies to their customers. We transitioned Excelitas from a division of PerkinElmer to an independent company and grew it into a market leader. We wish the Excelitas management team all the best in their next phase of growth.”

The transaction, which is subject to customary regulatory and other closing conditions, is expected to close in the fourth quarter of 2017. The transaction is not subject to any financing conditions. The Company will remain headquartered in Waltham and retain its name following the completion of the transaction.

Goldman, Sachs & Co. acted as financial advisor to Excelitas. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Excelitas. Credit Suisse served as financial advisor to AEA Investors. Fried, Frank, Harris, Shriver & Jacobson LLP served as AEA Investor’s legal counsel.

About Excelitas
Excelitas Technologies is a photonics technology leader focused on delivering innovative, market-driven solutions to meet the high-performance lighting, detection and optical technology needs of today’s global markets. We are committed to enabling our customers’ success in applications across the fields of biotechnology, consumer products, defense & aerospace, medicine, scientific discovery, safety & security, automotive, energy & environment, semiconductor and industrial manufacturing. With the acquisition of Lumen Dynamics and Qioptiq in 2013, Excelitas Technologies now maintains 19 state-of-the-art photonics technology centers staffed with more than 5,500 photonics professionals across North America, Europe and Asia.

About AEA Investors
AEA Investors LP was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA’s active individual investors (the “Participants”) include an extraordinary network of more than 75 of the world’s leading industrial families, business executives and former government leaders. Today, AEA’s approximately 60 investment professionals operate globally with offices in New York, Connecticut, London, Munich and Shanghai. The firm manages funds that have approximately $10.0 billion of invested and committed capital including the leveraged buyouts of middle market companies and small business companies and mezzanine and senior debt investments. AEA Private Equity invests across four sectors: value added industrial products, specialty chemicals, consumer/retail and services. For additional information, please visit aeainvestors.com.

About Veritas Capital
Veritas Capital is a leading private equity firm that invests in companies that provide critical products and services, primarily technology or technology-enabled solutions, to government and commercial clients worldwide, including those operating in aerospace & defense, healthcare, technology, national security, communications, government services, energy and education. Veritas Capital seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. For more information on Veritas Capital and its current and past investments, visit www.veritascapital.com.

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