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SMTC Announces Completion of Investment by H.I.G. Capital
April 5, 2021 | SMTC CorporationEstimated reading time: 1 minute
SMTC Corporation, a global electronics manufacturing services provider and past winner of Frost & Sullivan’s Best Practices Award for Customer Value Leadership in the Electronics Manufacturing Services Industry, announced the completion of the transaction by an affiliate of H.I.G. Capital, a leading global alternative investment firm with $43 billion of equity capital under management, that transforms SMTC Corporation into a private company.
The transaction was previously announced on January 4, 2021 and received approval from SMTC Corporation stockholders on March 31, 2021. As a result of the completion of the transaction, SMTC stockholders will receive $6.044 per share in cash, and SMTC Corporation’s common stock (SMTX) will cease trading on the Nasdaq exchange.
“With the completion of H.I.G.’s investment in SMTC, we are better positioned to execute our strategy to expand our integrated manufacturing service capabilities for our customers. As a private company, SMTC will have greater access to resources to invest in the high-growth-markets with high-quality, innovative solutions and services,” said Ed Smith, who will continue as President and Chief Executive Officer of SMTC Corporation.
Phillip Wood-Smith, Managing Director of H.I.G., commented, “We are excited to help SMTC achieve its full potential as a private and independent company by supporting Eddie Smith and his team as they build a stronger customer-focused EMS platform.”
Lincoln International acted as financial advisor and Perkins Coie LLP acted as legal advisor to SMTC.
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