Francisco Partners has sold Source Photonics to a private equity consortium led by Redview Capital and Asia-IO, with participation from investors including TR Capital, Axiom Asia and Aberdeen Asset Management.
Source Photonics is a provider of communications and data connectivity components and modules in next-generation data centres, mobile and fixed-line networks.
Source Photonics was originally acquired by Francisco Partners in October 2010 as a carve-out from MRV Communications. Following the acquisition, Francisco Partners recruited CEO Doug Wright to join the company in May 2013.
“It has been a pleasure to work with Doug and the talented management team at Source Photonics,” says Andrew Kowal, partner at Francisco Partners. “The Source Photonics team made tremendous strides in transforming the company into a leader in its served markets, while delivering best in class operational performance. We believe they are very well positioned for the future and wish them continued success.”
“Francisco Partners was an excellent partner in our transformation at Source Photonics,” says Doug Wright, Source Photonics chief executive officer. “FP provided the strategic support and resources to enable the company to execute on our plan and invest in new technologies. These investments helped us strengthen our product offerings, optimise our operational capabilities, and enter new markets.
“We now have the building blocks in place to accelerate our growth in the global optical communications market and we look forward to working with Redview Capital and Asia-IO as we continue to execute on our strategic plan.”
“Source Photonics’ technology and capabilities for next-generation datacenters and access networks provide a strong foundation for continued share gain, product diversification, and market expansion,” says Jin Yi, executive director at Redview Capital and a member of the board of directors.
“Source Photonics is an exciting case of cross-border mid-cap technology buyout. We look forward to supporting the Source Photonics management team as they enter the next phase of continued growth and investment,” adds Denis Tse, managing partner at Asia-IO and a member of the board of directors.
Evercore and CITIC Securities served as financial advisers to Source Photonics. The terms of the transaction have not been disclosed.
