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Compass Diversified Announces Sale of Advanced CircuitsOctober 15, 2021 | GlobeNewswire
Estimated reading time: 2 minutes
Compass Diversified, an owner of leading middle-market businesses, today announced it has entered into a definitive agreement to sell its majority-owned subsidiary, Compass AC Holdings, Inc., the parent company of Advanced Circuits, Inc., to Tempo Automation, Inc., the world's leading software-accelerated electronics manufacturer. In connection with the Agreement, Tempo Automation has announced its entry into a definitive merger agreement for a business combination with ACE Convergence Acquisition Corp. (ACE), a special-purpose acquisition company focused on the Industrial and Information Technology sectors. Upon closing of the transaction, the combined operating entity will be renamed “Tempo Automation Holdings, Inc.”, and shares of its common stock are expected to trade on Nasdaq under the ticker symbol “TMPO.”
Under the terms of the Agreement, CODI and the other selling shareholders will receive consideration in the amount of $310 million, composed of $240 million in cash and $70 million in Tempo common stock upon the closing of the transaction, excluding certain working capital and other adjustments. In addition, CODI and the other selling shareholders may receive $30 million in additional Tempo common stock within five years, subject to Tempo stock price performance. CODI anticipates the proceeds will be used to repay all or a portion of outstanding revolver borrowings and for general corporate purposes.
“Advanced Circuits has established itself as an industry leader in the PCB fabrication and assembly space, and we are tremendously proud of the growth the company has achieved during our ownership,” said Elias Sabo, CEO of CODI. “Our unique permanent capital structure has allowed us the time and flexibility to take a long-term approach to value creation, consistently investing in Advanced Circuits’ operations and capabilities. John and Jeff Yacoub and the rest of the talented management team have been excellent partners throughout our entire 15-year relationship. We believe this transaction delivers immediate value to CODI shareholders while enabling us to participate in the potential upside of this compelling combination.”
Sabo continued: “We believe in the Tempo team’s vision and in the long-term benefits of bringing together high-quality companies in the industry to redefine the customers’ journey from prototype to production. Together, we believe the combined, publicly-listed company will be positioned as an industry leader – representing a new one-stop shop platform for customers who are looking to innovate and bring new electronic products to market. Leveraging design and development capabilities, PCB production and assembly and breakthrough, software-automated PCBA manufacturing, the unique combination of products and services offers significant potential for customer acquisition and entrance into new vertical markets.”
“We are grateful to the CODI team for their support and partnership over the past 15 years in helping us reach this exciting milestone,” said John Yacoub, CEO of Advanced Circuits. “As a part of this new and expanded platform, we believe we can bolster our leading market position and propel the business into its next phase of growth, and we are confident it will grant us new opportunities to serve our customers with the responsiveness, timely delivery and high-quality custom products they expect from us.”
The closing of the Advanced Circuits transaction is subject to customary terms and conditions, including regulatory approval, and is expected to occur in the first quarter of 2022.
ACE and Tempo Automation today issued a separate press release announcing their transaction.
Cowen and Company, LLC is acting as financial advisor and Paul Hastings LLP is acting as legal counsel to CODI.
The keynote session for the EIPC 2024 Winter Conference addressed several topics, ranging from applications for superconductivity to the fluctuating European financial market and the importance of IC substrates. The conference took place in late January at the IHK Academie in the city of Villingen-Schwenningen, on the eastern edge of the Black Forest in southwest Germany.
MKS Instruments, Inc., a global provider of technologies that transform our world, recently received the 2023 Outstanding Service Award from MFLEX, a global leader in flexible printed circuit board manufacturing and assembly. The award recognizes MKS for outstanding customer support and system service in high-production manufacturing environments.
SMTA will be hosting a new symposium on March 26th in Phoenix focused on Ultra High-Density Interconnect (HDI) technology. As the semiconductor industry charges forward, demanding ever-increasing performance and miniaturization, the SMTA Ultra HDI Symposium sets the stage for industry pioneers, researchers, engineers, designers, and academia to engage in the active sharing of information while addressing the complexities and innovations reshaping the world of Ultra HDI technology.
It was a good week in PCB design and manufacturing. In this week’s wrap-up, we have news about an uptick in EMS shipments in January, a look at the current M&A climate, some guidance on investing in your company in order to stay competitive, a primer on designing with embedded capacitance materials, and a roadmap for the industry to embrace sustainable PCBs in the future.
ROCKA Solutions is excited to announce that Justin Worden, Vice President of Sales & Marketing, will present at the upcoming SMTA Dallas Expo & Tech Forum. The event is scheduled to take place Tuesday, March 19, 2024 at the Plano Event Center.