Edgewater Acquires Pure Wafer

Edgewater Acquires Pure Wafer

Edgewater Capital Partners has acquired Wafer Holding Company (dba Pure Wafer).

Pure Wafer is the largest US-based provider of silicon wafer reclaim services and supplies virgin silicon wafers, specialty thin film deposition products, and silicon parts services. Customers of the company include most of the world’s largest semiconductor suppliers and equipment manufacturers. Pure Wafer, led by its CEO Jerry Winters, has 225 employees and supplies its customers from multiple locations, including its two manufacturing sites in San Jose, CA (headquarters) and Prescott, AZ (www.purewafer.com).

Wafer Holding Company was formed in 2008 by a group of private investors to consolidate components in the silicon wafer supply chain and create a company to service the secondary markets. The company has made four acquisitions to date: San Jose, CA-based WRS Materials in January 2008; Spring City, PA-based Montco Silicon Technologies in August 2008; Vancouver, WA-based Isonics in April 2009; and San Jose-based Pure Wafer in December 2015.  In April 2016 the group of companies began operating under the name Pure Wafer.

“We are pleased with the completion of the acquisition of Pure Wafer by Edgewater. We look forward to continuing our devotion to add value to our global customer base by providing innovative solutions and high-quality products,” said Mr. Winters.

“It’s becoming increasingly difficult to find a silicon solutions company with the ability to keep up with next-generation technology nodes,” said Bob Girton, Partner of Edgewater. “We have identified several organic and inorganic opportunities to continue to grow the Pure Wafer platform. We plan to continue to build on its heritage of developing advanced wafer processing solutions by using ingenuity, investing in capability upgrades, and expanding capacity for all wafer diameters.”

Edgewater Capital Partners invests in lower middle-market performance materials businesses. The firm has specific expertise in specialty chemicals, pharmaceuticals, and engineered substances. Platform acquisitions will have revenues from $10 million to $100 million, more than $2 million of EBITDA, and gross margins greater than 20%. The firm is headquartered in Cleveland (www.edgewatercapital.com).

Centerfield Capital Partners and Sterling National Bank provided debt financing in support of the acquisition.

Pure Wafer was advised in the transaction by Genesis Capital (www.genesis-capital.com)

© 2018 Private Equity Professional | September 21, 2018

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