Tara Capital Inc. Aquires Belfab Products and Applied Surface Technology Units of Perkin Elmer, Inc
San Carlos, California
April 20, 2006
Tara Capital, Inc. announced today that it has acquired Belfab Products and Applied Surface Technology (“AST”) from Perkin Elmer, Inc for a purchase price of $25 million in cash. Belfab and AST comprised the semiconductor equipment component business of Perkin Elmer. The new entity will be named Tara Technologies Corporation. Tara Technologies Corporation is a leader in wafer process chamber technologies, manufacturing complex components and subsystems and providing specialty coating and testing services to the semiconductor equipment industry.
“I am very pleased with the acquisition of Belfab and AST” said Colm Lanigan, Managing Director and founder of Tara Capital, Inc. As part of the transaction, Colm Lanigan will become Chief Executive Officer of Tara Technologies and the management team will invest in the transaction. “I am excited to partner with this management team as a financial and operating partner. I have followed their success in translating world class manufacturing and technology capabilities into a position as a leading tier one supplier of advanced systems to 90% of the deposition segment of the semiconductor equipment industry. Tara Technologies has established a sole source position on over 70% of its business and has customer relationships that span more than 25 years.”
“We are extremely pleased to partner with Colm Lanigan and Tara Capital on this transaction,” said Raul Ceide, Chief Operating Officer of Tara Technologies Corporation. “The operation has an excellent management team in place and dedicated employees who have helped to establish this company as a leading supplier to the leading semiconductor equipment OEMs in the world. We have had a relationship with Colm Lanigan that goes back many years and this transaction is the result of that relationship and a strategic review process of our former parent that lasted over one year. As part of the transaction, management will become significant owners in the business and we are excited to work with Tara Capital to continue building on our success.”
As part of the transaction, the management team has been expanded to include Mark Allen, former CFO of the Fluid Sciences division of Perkin Elmer, Inc. and Marc Schweitzer has joined as Director of Sales and Marketing. Marc Schweitzer was previously a senior product engineer with Applied Materials working on advanced chamber technology solutions for wafer fab customers of Applied.
Tara Technologies serves its customers from facilities on the East and West Coast of the United States as well through a manufacturing presence in Asia. Tara Technologies had revenues of approximately $55 million in 2005. The transaction closed on February 27, 2006 with final purchase adjustments in April.
More information on Tara Technologies can be found on its website at www.TaraTechnologies.com.
Contact Information
Mr. Colm Lanigan
Chief Executive Officer
Click here to email Colm.
(386) 843-9654