QP Dealt to e2v
Semiconductor firm jettisoned to UK buyer.
October 14, 2008
QP Semiconductor was sold to e2v Holdings, a subsidiary of e2v technologies plc, for an initial cash consideration of $65 million with a potential payout of $15 million to QP shareholders over the next year, it was announced.
QP’s founders, John Stannard and Gary Voget, who formed it in 1985, will continue to retain post-closing management positions, the announcement stated.
QP generated revenues of $24 million last year; over a two year span, the supplier of semiconductor components for military and aerospace applications saw a rise in sales of 27 percent.
The UK-based buyer’s acquisition of the California aerospace and defense services firm represents a growing trend of foreign buyers taking advantage of the dollar’s slipping over the last two years and making buys—where the federal government allows foreign buyers to make M&A plays in the highly-regulated and secretive world of defense mid-market businesses.
Sperry, Mitchell & Co. initiated the transaction for QP; NM Rothschild & Sons’ Roger Hemming worked for e2v. Michael Mulroy and Michael Lawhead of Stradling Yocca Carlson & Rauth served as legal advisors for QP and Hughes Hubbard & Reed’s Kenneth Lefkowitz was e2v’s attorney.
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