LOS ANGELES, CA--(Marketwired - Apr 2, 2014) - Platinum Equity announced today it has signed a definitive agreement to sell Truesense Imaging to ON Semiconductor (NASDAQ: ONNN). Under the terms of the agreement, ON Semiconductor will pay approximately $92 million in cash for the business.
Truesense Imaging is a provider of high-performance image sensing devices addressing a wide range of industrial end-markets, including machine vision, surveillance, traffic monitoring, medical and scientific imaging, and photography. Platinum Equity acquired the business (previously known as Kodak Image Sensor Solutions) in November 2011. Based on unaudited results, Truesense Imaging's revenue for 2013 was approximately $79 million.
"This is a textbook example of the value Platinum Equity's approach can provide many different stakeholders throughout the lifecycle of an investment," said Platinum Equity's Jason Leach, who led the initial acquisition. "First we provided a divestiture solution to a seller in need as Kodak confronted a difficult period of restructuring. We then executed a complex carve out with minimal disruption and established the business as an independent company that has thrived under our stewardship, to the benefit of Truesense customers, suppliers and employees. We have now found a new home for Truesense that we believe is a perfect fit."
The sale is expected to close by the end of the second quarter of 2014, subject to regulatory approval and certain closing conditions.
"We are proud of the way Truesense has evolved under Platinum Equity's ownership," added Platinum Equity Partner Rob Joubran, who served as Platinum Equity's operations lead on the investment. "The value we have created is a testament to the hard work of many dedicated Truesense employees and the vision of Chris McNiffe and the company's management team. The business is well positioned for continued success."
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 150 acquisitions.