Private equity-backed UK vacuum technology company Edwards is set to go public in an offering that may raise between £350m (€398m) and £450m (€511m), according to reports.
The company’s private equity owners, US-based CCMP Capital and Hong Kong’s Unitas Capital, will sell about 35 per cent of its equity at between 200 and 270 pence per share, Reuters said, citing sources close to the deal.
Edwards, which is based in Crawley in Sussex, used to be part of UK industrial gas conglomerate the BOC Group, which was picked up by Linde in 2006. Linde then sold the Edwards unit to CCMP Capital for €685m.
Founded by physicist FD Edwards in 1919, the company is a supplier of integrated solutions for the manufacture of microelectronics devices, including semiconductors and flat panel displays.
It is also a specialist in vacuum technology for industrial, scientific, process, and R&D applications, providing services to some of the world’s largest chipmakers.
The company has a strong presence in Asia, with 59 per cent of its revenues derived from customers in the region, and posted adjusted EBIT of £130m (€149.9m) for 2010, a margin of 20 per cent.
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