TPG, Oaktree-backed Isola Group bought up by Cerberus-led consortium

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TPG Capital and Oaktree-backed Isola Group has been bought up by an investment consortium led by Cerberus.

Isola is a business that specialises in copper-clad laminates and dielectric prepreg materials used to fabricate advanced multilayer printed circuit boards.

The transaction was made to improve the company’s capital structure and secure additional liquidity.

Cerberus Business Finance chief operating officer Joseph Naccarato said, “With today’s agreement, Isola has a stronger financial outlook and access to long-term capital that positions the Company for future growth.

“We look forward to working alongside Isola’s talented management and employees to support its global business going forward.”

The group named Jeff Waters as President back in 2016. He said, “We are very excited to be working with the new ownership group led by Cerberus. We have been transforming the company over the past two years, with new products now entering the market to fuel our growth. With our new capital structure, we have new degrees of flexibility that will only accelerate our strategies and success.”

The deal marks the end of a 14 year holding for TPG, which bought up a stake in 2004.

The transaction comes during a period in which semiconductors and their materials are hot property. Late last year AltAssets reported that Walden International and China Everbright were teaming up to raise a $500m semiconductor IT fund.

Months before that, President Trump blocked a China-backed private equity firm from buying up Lattice Semiconductor.

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