EIS Optics, which produces film filters, has been bought out by Materion Corporation for $24 million (£15 million).

EIS Optics, which produces film filters, has been bought out by Materion Corporation for $24 million (£15 million).

Based in London, with its manufacturing site in Shanghai, EIS Optics makes coated optical components for projection displays.

The deal achieves an exit for London-based Nova Capital Management and FF&P Private Equity, which acquired a majority stake in EIS Optics in October 2009, with a reported 3.5 times return recouped on the initial outlay.

As part of the deal, Materion is to use EIS Optic’s Shanghai manufacturing site for its Advanced Material Technologies division.

Richard Hipple, chief executive officer of Materion, comments: ‘The integration of the EIS Optics manufacturing facility in Shanghai and its workforce into Materion provides a promising platform for future growth and immediately widens our geographic reach, value add services, and optical materials capabilities in fast-growing global markets.’

The purchase of EIS Optics follows on from recent similar deals completed by Materion.

Patrick Austen, operating partner at Nova, adds: ‘Following the creation of the standalone business as EIS Optics in 2009, the management team have successfully developed a more diverse product portfolio now sold on a global basis.’

Austen adds that the acquisition will enable further new technologies to be ‘developed and exploited’ in Shanghai, extending its range of applications.

Henry Sallitt, co-head of FF&P Private Equity says: ‘In a challenging exit environment, this investment represents an excellent return to our investors in only just over two years.’