Lowell, Mass. -- April 2, 2009 - MACOM announced today that it was acquired on March 30, 2009 by John Ocampo for up to $90 million. John Ocampo is the owner of Gaas Labs LLC, a semiconductor private equity fund based in California. In this transaction, Cobham received $30 million in cash, $30 million in senior loan notes secured on the MACOM assets and $30 million dependent on future revenue in the period 2010 to 2012. There are no conditions to closing and the transaction has been completed.
MACOM was founded as Microwave Associates in 1950. It was reincorporated in September 2008, concurrent with Cobham's acquisition of M/A-COM's defense and commercial businesses, to facilitate its divestiture from Cobham. The products and markets that MACOM serves were not seen as core to Cobham's business strategy.
"This transaction could not have worked out better from MACOM's point of view. Our buyers have an intimate understanding of our technologies and markets and a proven track record of successful acquisitions and profitable growth," says‚ Joe Thomas, president and chief executive officer‚ of M/A-COM Technology Solutions.
M/A-COM will continue to focus on commercial, industrial and government markets, specializing in RF, microwave and millimeter wave component and technology solutions. The company's products are utilized around the globe in a wide range of applications--including wireless infrastructure, handsets, WLAN, WiMax, CATV, VSAT, automotive, test and measurement, radar, defense and government RF, microwave and millimeter wave systems.
Industry analyst Asif Anwar at Strategy Analytics comments, "We see this acquisition as a positive for MACOM. The prior expertise and focus of the personnel at Gaas Labs should bring a number of benefits to the company, not least of which will be an understanding of the core trends in the semiconductor market. This will translate to a "hands-off" approach that will help MACOM preserve technology roadmap development efforts and retain core staff, allowing the company the breathing space necessary to focus on growth opportunities moving forwards."
John Ocampo says, "We are thrilled to have the unique opportunity to acquire one of the best known companies in the RF and microwave space. MACOM is an icon in our industry. We look forward to leveraging the company's products and technologies as platforms for future growth."
About GaAs Labs
Gaas Labs has extensive experience and a proven track record of success in developing and supplying high performance semiconductors and related devices for RF, microwave and related applications in commercial communications, satellite and defense-related markets worldwide. Rather than working with one partner only, each of our companies has access to the collective vision, experience and network of all our Gaas Labs members.
The company is focused on providing the financing and operational expertise necessary to help grow the next generation of world-class companies addressing communications semiconductor and related markets. We are looking to partner with outstanding entrepreneurs and management teams to increase portfolio companies' growth trajectory, profitability and market leadership.
About Macom
MACOM is a leading supplier of semiconductors, active and passive components, and subassemblies for use in radio frequency (RF), microwave and millimeter wave applications. The company provides innovative design solutions and products including:
* Si, GaAs, AlGaAs, InGaAs, InP and SiGe IC products
* Unique MMIC processes: HMIC™, GMIC™,& iHBT™
* In-house design, fabrication, assembly and screening capabilities
* Multiple facilities for improved flexibility and local content manufacturing
* Design expertise covering the spectrum from RF through millimeter wave frequencies
One of the broadest selections of standard and custom products in the industry
Headquartered in Lowell, Massachusetts, USA, MACOM builds on 60 years of experience to develop and manufacture active and passive products, including Si and compound semiconductors and components from facilities in Lowell, Massachusetts; and Santa Clara and Torrance, California. Infrastructure products continue to be provided by the company's Cork, Ireland operation; and Laser Diode products, in Edison, New Jersey. For more information visit www.macomtech.com