March 12, 2007 - Private equity firm CCMP Capital has reached agreement with The Linde Group, the global gases company, to acquire BOC Edwards, a leading manufacturer of vacuum equipment. The deal is valued at just over US$900M.

BOC Edwards was put up for sale after the Linde Group acquired The BOC Group about a year ago. (See "BOC agrees to Linde takeover, creating gas giant," WaferNews, March 7, 2006.) Linde announced in September that it intended to focus on its global gases operations and would review strategic options for the divestment of BOC Edwards.

The sale was reached through afilliates of CCMP Capital Advisors and CCMP Capital Asia, international private equity firms. CCMP Capital is only acquiring the main vacuum and semiconductor equipment business of BOC Edwards. The pharmaceutical division will remain a subsidiary of The Linde Group.

Nigel Hunton, chief executive of BOC Edwards, said: "We are delighted to welcome CCMP as our new partners. We feel they have a real understanding for our business and its potential and that their financial strength and scale will support the company as we develop our operations worldwide and capitalise on our strong market position."

Stephen Welton from CCMP Capital Advisors added: "We believe that under CCMP's ownership BOC Edwards can move to a new level as an independent company and develop its technology in new markets whilst retaining leadership in its core areas."

The companies expect to close the transaction between the beginning of May and the end of June, subject to regulatory review and customary closing conditions. Financing for the transaction will be provided by Deutsche Bank, Lehman Brothers, Barclays Bank, and The Royal Bank of Scotland. Lehman Brothers is serving as the exclusive mergers and acquisitions advisor to CCMP Capital.

For other related stories from the past year about BOC Edwards, go to:

Commentary on how consolidation has struck in another segment of suppliers to the chipmaking industry. WaferNews, March 13, 2006

"Report: AMAT, Unaxis eyeing BOC unit sale," WaferNews, July 24, 2006.

For more on the role private equity is playing in the semiconductor industry, go to:

"Reverse IDM" reintegration: The semiconductor industry's next paradigm shift?" WaferNews, February 13, 2007.