Private equity firm TA Associates has agreed to acquire CMOSIS, a pure-play supplier of high performance standard and custom CMOS image sensors.
The transaction is conditional on regulatory clearance and is expected to be completed by early 2014. Terms of the transaction have not been disclosed.
CMOSIS is a major player in the industrial, scientific and professional markets for image sensors, covering applications such as machine vision, high-end digital photography, digital cinema, aerospace and scientific, medical and biometrics. CMOSIS employs over 60 people and is based in Antwerp, Belgium.
With financial backing and support from Capital-E Arkiv, CMOSIS was founded in November 2007. CMOSIS broadened its capital base and raised further growth capital in 2009 from ING Corporate Investments (Belgium); ING Activator Fund, the Arkimedes Investment Fund of ING Belgium investing in promising Flemish SMEs; and Participatiemaatschapij Vlaanderen (PMV).
Luc De Mey, chairman and chief executive of CMOSIS, says: “This transaction will allow CMOSIS to continue growing as an independent company with the support of TA Associates, a strong financial partner that has an impressive track record in building technology companies and is committed to supporting our future growth. I would like to take the opportunity to thank Capital-E, ING and PMV for their strong support in growing CMOSIS.”
J Morgan Seigler, a principal at TA Associates (UK), who will join the company’s board of directors, says: “The CMOSIS management team has demonstrated expertise in building image sensor businesses. We are excited to partner with such experienced and successful entrepreneurs. CMOSIS is profitable, with a highly reputable brand, attractive client base, and impressive and accelerating growth.”
The image sensor market is growing and predicted to exceed USD8bn by 2014, according to Yole Développement. CMOSIS is focused on several smaller, but high-growth, segments within this market such as machine vision, production cameras, traffic enforcement, medical devices and high-end consumer products.
Oppenheimer Europe and ING Corporate Finance are acting as joint financial advisers to CMOSIS and Baker & McKenzie is acting as legal adviser. Travers Smith and NautaDutilh are providing legal counsel to TA Associates. EOC Partners is providing corporate finance advice to TA Associates.