KPS Special Situations Fund II, New York, acquired the stock and related assets of Speedline Technologies Inc., Franklin, Mass., from Cookson Group plc, London, for a total consideration of $10 million. Following the acquisition, the management team will administer the company under the Speedline Technologies name.
The company's new operating plan will focus the business on its core product lines (Accel, Camalot, Electrovert and MPM), and around two specific market areas: surface mount technology/semiconductor packaging, with printers, dispensers and reflow soldering products, and specialty markets, with wave soldering and cleaning products.
The operating plan will require the relocation of some operations while others remain unchanged. Electrovert reflow oven products will be moved from Camdenton, Mo., to Franklin. Specialty product lines such as Electrovert wave soldering and cleaning products will remain in Camdenton. The company will exit the logistics and training center in Elgin, Ill., and parts and logistics operations will move into their respective production facilities. A smaller training center will be established in the Elgin area. In addition, Speedline will continue to operate the Cookson Electronics-owned process development lab in Foxboro, Mass. The relationship with Cookson Electronics will be maintained to develop new process solutions for semiconductor packaging and surface mount technology applications.
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