Cornell Capital to acquire carrier tape provider Advantek

• Cornell Capital’s investment in Advantek is being led by Allen Chu, partner and head of Asia, in coordination with Stephen Trevor, partner and head of business services/industrials
• Headquartered in Eden Prairie, Minnesota, Advantek has global operations in Taiwan, Manila Philippines, China, Wisconsin and Sweden
• Based in New York and Hong Kong, Cornell Capital has about $6 billion of assets under management.

Cornell Capital has agreed to acquire Advantek, a provider of carrier tape and associated protective packaging products. The seller is Tinicum. No financial terms were disclosed.

When the deal closes, Tinicum will retain a minority stake in Advantek.

Headquartered in Eden Prairie, Minnesota, with global operations in Taipei (Taiwan), Manila (Philippines), Shanghai (China), Eau Claire (Wisconsin) and Laxa (Sweden), Advantek manufactures precision component packaging and delivery systems designed to transport and protect high-value semiconductor and electronic components during shipping and storage. Its solutions play a key role in the assembly process of such products as computers, mobile phones, LED lighting, medical components, smart appliances and automobiles.

Cornell’s investment in Advantek is being led by Allen Chu, partner and head of Asia, in coordination with Stephen Trevor, partner and head of business services/industrials.

On the deal, Chu said in a statement: “As strong secular market trends in component miniaturization and electrification continue to drive increased high-precision carrier tape and component demand, Advantek is well-positioned to capitalize on attractive opportunities for continued growth globally. We look forward to leveraging our deep cross-border expertise to accelerate Advantek’s growth in key international markets.”

Cornell Capital LLC has about $6 billion of AUM and offices in New York and Hong Kong.