Two private equity firms are set to acquire a China-based business of advanced manufacturing company OC Oerlikon.

Two private equity firms are set to acquire a Chinese arm of advanced manufacturing company OC Oerlikon.

Nova Capital Management and FF&P Private Equity will acquire the Oerlikon Optics business in Shanghai from OC Oerlikon for an undisclosed sum. Closing of the deal is expected in September, pending Chinese government approval, and the business is to be acquired through EIS Optics, a newly formed UK-registered company.

Launched in 2002, the 350-employee business produces optical components for use in projection displays, and has ‘significant intellectual property, both inbuilt and licensed from Oerlikon’, according to Nova. It employs staff in Europe, the US, Japan and Taiwan as well as at its Shanghai headquarters.

The business will continue to be run by its existing management team following the acquisition.