-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueBox Build
One trend is to add box build and final assembly to your product offering. In this issue, we explore the opportunities and risks of adding system assembly to your service portfolio.
IPC APEX EXPO 2024 Pre-show
This month’s issue devotes its pages to a comprehensive preview of the IPC APEX EXPO 2024 event. Whether your role is technical or business, if you're new-to-the-industry or seasoned veteran, you'll find value throughout this program.
Boost Your Sales
Every part of your business can be evaluated as a process, including your sales funnel. Optimizing your selling process requires a coordinated effort between marketing and sales. In this issue, industry experts in marketing and sales offer their best advice on how to boost your sales efforts.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - smt007 Magazine
Compass Diversified Announces Sale of Advanced Circuits
October 15, 2021 | GlobeNewswireEstimated reading time: 2 minutes
Compass Diversified, an owner of leading middle-market businesses, today announced it has entered into a definitive agreement to sell its majority-owned subsidiary, Compass AC Holdings, Inc., the parent company of Advanced Circuits, Inc., to Tempo Automation, Inc., the world's leading software-accelerated electronics manufacturer. In connection with the Agreement, Tempo Automation has announced its entry into a definitive merger agreement for a business combination with ACE Convergence Acquisition Corp. (ACE), a special-purpose acquisition company focused on the Industrial and Information Technology sectors. Upon closing of the transaction, the combined operating entity will be renamed “Tempo Automation Holdings, Inc.”, and shares of its common stock are expected to trade on Nasdaq under the ticker symbol “TMPO.”
Under the terms of the Agreement, CODI and the other selling shareholders will receive consideration in the amount of $310 million, composed of $240 million in cash and $70 million in Tempo common stock upon the closing of the transaction, excluding certain working capital and other adjustments. In addition, CODI and the other selling shareholders may receive $30 million in additional Tempo common stock within five years, subject to Tempo stock price performance. CODI anticipates the proceeds will be used to repay all or a portion of outstanding revolver borrowings and for general corporate purposes.
“Advanced Circuits has established itself as an industry leader in the PCB fabrication and assembly space, and we are tremendously proud of the growth the company has achieved during our ownership,” said Elias Sabo, CEO of CODI. “Our unique permanent capital structure has allowed us the time and flexibility to take a long-term approach to value creation, consistently investing in Advanced Circuits’ operations and capabilities. John and Jeff Yacoub and the rest of the talented management team have been excellent partners throughout our entire 15-year relationship. We believe this transaction delivers immediate value to CODI shareholders while enabling us to participate in the potential upside of this compelling combination.”
Sabo continued: “We believe in the Tempo team’s vision and in the long-term benefits of bringing together high-quality companies in the industry to redefine the customers’ journey from prototype to production. Together, we believe the combined, publicly-listed company will be positioned as an industry leader – representing a new one-stop shop platform for customers who are looking to innovate and bring new electronic products to market. Leveraging design and development capabilities, PCB production and assembly and breakthrough, software-automated PCBA manufacturing, the unique combination of products and services offers significant potential for customer acquisition and entrance into new vertical markets.”
“We are grateful to the CODI team for their support and partnership over the past 15 years in helping us reach this exciting milestone,” said John Yacoub, CEO of Advanced Circuits. “As a part of this new and expanded platform, we believe we can bolster our leading market position and propel the business into its next phase of growth, and we are confident it will grant us new opportunities to serve our customers with the responsiveness, timely delivery and high-quality custom products they expect from us.”
The closing of the Advanced Circuits transaction is subject to customary terms and conditions, including regulatory approval, and is expected to occur in the first quarter of 2022.
ACE and Tempo Automation today issued a separate press release announcing their transaction.
Cowen and Company, LLC is acting as financial advisor and Paul Hastings LLP is acting as legal counsel to CODI.
Suggested Items
TTM Celebrates the Grand Opening of Its First Manufacturing Facility in Penang
04/25/2024 | TTM Technologies, Inc.TTM Technologies, Inc., a leading global manufacturer of technology solutions including mission systems, radio frequency (RF) components and RF microwave/microelectronic assemblies, and quick-turn and technologically advanced printed circuit boards (PCBs), officially opened its first manufacturing plant in Penang, Malaysia with an investment of USD200 million (approximately RM958 million).
Designer’s Notebook: What Designers Need to Know About Manufacturing, Part 2
04/24/2024 | Vern Solberg -- Column: Designer's NotebookThe printed circuit board (PCB) is the primary base element for providing the interconnect platform for mounting and electrically joining electronic components. When assessing PCB design complexity, first consider the component area and board area ratio. If the surface area for the component interface is restricted, it may justify adopting multilayer or multilayer sequential buildup (SBU) PCB fabrication to enable a more efficient sub-surface circuit interconnect.
Elevating PCB Design Engineering With IPC Programs
04/24/2024 | Cory Blaylock, IPCIn a monumental stride for the electronics manufacturing industry, IPC has successfully championed the recognition of the PCB Design Engineer as an official occupation by the U.S. Department of Labor (DOL). This pivotal achievement not only underscores the critical role of PCB design engineers within the technology landscape, but also marks the beginning of a transformative journey toward nurturing a robust, skilled workforce ready to propel our industry into the future.
IPC Design Competition Champion Crowned at IPC APEX EXPO 2024
04/24/2024 | IPCAt IPC APEX EXPO 2024 in Anaheim, California, five competitors squared off to determine who was the best of the best at PCB design.
Real Time with... IPC APEX EXPO 2024: all4-PCB, A Premier Solution Provider for the PCB Industry
04/22/2024 | Real Time with...IPC APEX EXPOIn the PCB industry, all4-PCB, is a top-tier equipment supplier and process solution provider. Ralph Jacobo highlights the active market and the demand for high-quality equipment, discusses their existing customers, investment in advanced substrates, and smaller board shops.