Private equity firm Bridgepoint has backed the management acquisition of SSP Process Technology Systems (SPTS) from its parent company Sumitomo Precision Products (SPP).

Private equity firm Bridgepoint has backed the management acquisition of SSP Process Technology Systems (SPTS) from its parent company Sumitomo Precision Products (SPP).

Wales-based SPTS is a manufacturer of thermal processing equipment for the semiconductor industry. It designs, develops and builds the equipment.

According to a statement, London-headquartered Bridgepoint believes that SPTS is an attractive opportunity to acquire a ‘market leader’ in the water fabrication equipment sector.

Chris Bell, director at Bridgepoint, says that SPTS has strong a position in each sector in which the business operates.

He adds: ‘We have identified with management a number of initiatives to optimise its operational performance, including acquisitions in attractive niche markets and joint ventures.’

Under the terms of the deal, former parent company SPP will continue to partner the business by taking a minority stake in the new organisation.

SPTS president and chief executive officer William Johnson explains the investment by Bridgepoint will enable SPTS to move to the next stage of its ‘evolution’.

Johnson comments: ‘For SPP, this transaction allows us to focus on other areas of our business which offer attractive investment opportunities.’

SPTS had reported sales of $217 million (£136 million) and EBITDA of $58 million. Financial details of the investment were not disclosed.

Advisors for SSP included BDO, Bingham, Osborne Clarke, and Ernst & Young.