Nova and FF&P Buy Oerlikon Optics

Nova Capital Management and FF&P Private Equity have agreed to acquire OC Oerlikon‘s China business, which makes coated optical components for the global projection display and other optical component markets. No financial terms were disclosed.


Nova Capital Management and FF&P Private Equity are pleased to announce that they will acquire the Oerlikon Optics business in Shanghai from OC Oerlikon for an undisclosed sum. Closing of the deal is expected in early September following clearance from the Chinese government authorities.

EIS Optics Limited, a new UK company, will acquire all the shares of Oerlikon (Shanghai) Co. Ltd and relevant assets and employees in China, Liechtenstein, the US, Japan and Taiwan.

Established in 2002 and employing 350 people, the Oerlikon Optics operation located in Shanghai produces high volume coated optical components for an international customer base in the projection display and other optical component markets. The company is a leading edge manufacturer, with expertise in optical
coatings, photo-lithography and high volume, high precision component assembly, and has significant intellectual property, both inbuilt and licensed from Oerlikon.

Patrick Austen, Operating Partner of Nova Capital Management, said: “The acquisition of the Oerlikon Optics business in Shanghai is the culmination of a diligent process we went through with Oerlikon. We are very pleased to have completed the acquisition and look forward to developing the business as an independent entity. We are strongly supportive of the management team’s growth plans for the business and are committed to working with the existing team to serve and build on their global customer base as we look to the future.”

Henry Sallitt, Co-head of FF&P Private Equity commented, “We are delighted to be acquiring this market leading optical business. We believe that with Nova and FF&P’s support the existing management team has the opportunity to build on its established reputation within the projection display sector and continue to provide its international customer base with products of the highest quality”.

About Nova:
Established in 2002, and with a 25 strong team, Nova has acquired or taken over the management of portfolios representing a total transactional value of over €880m. Nova actively manages investments in over 30 companies primarily operating in Western Europe and the US across a broad range of sectors.

About FF&P Private Equity:
FF&P Private Equity is part of one of the largest multi-family offices in Europe, Fleming Family & Partners. The Group has assets under management of in excess of £4 billion and has 200 employees located in 5 international offices. FF&P Private Equity is a wholly-owned subsidiary of the Group and manages over £250mn, which it invests directly into growth companies for significant minority or majority shareholdings. It typically provides equity of between £5m – £25m and also access to its extensive international network to enable companies to reach the next stage of their development.

About Oerlikon:
Oerlikon (SIX: OERL) is one of the world’s leading international high-tech industrial groups specializing in machine and plant engineering. The company is a leader in the field of industrial solutions and innovative technologies for textile manufacture, thin-film solar and thin-film coating, drive, precision and vacuum systems. With roots in Switzerland and a long tradition stretching back 100 years, Oerlikon is a global
player with a workforce of almost 18 000 at 180 locations in 37 different countries.

The company’s sales amounted to CHF 4.8 billion in 2008 and it ranks either first or second in the respective global markets.