Tonka Bay Equity Partners has completed the sale of CORWIL Technology to Integra Technologies, a provider of integrated circuit test and related services.
CORWIL provides integrated circuit assembly and test services to the medical, military and aerospace, OEM electronics and semiconductor industries. The company specializes in wafer thinning and dicing, optical inspection, full assembly and testing of integrated circuits and complex modules. CORWIL has a 48,000 square foot manufacturing facility and more than 10,000 square feet of clean rooms. The company was founded in 1990 and is headquartered near San Jose in Milpitas, CA (www.corwil.com).
Tonka Bay acquired CORWIL Technology in April 2013 in partnership with investor/CEO and industry veteran Matt Bergeron and the company’s co-founders Rob Corrao and Finn Wilhelmsen. CORWIL was Tonka Bay’s fifth platform company investment in its third Fund which closed in November 2011 with $150 million in available capital.
During Tonka Bay’s term of ownership, CORWIL completed one add-on acquisition with the March 2014 buy of VIKO Test Labs – a provider of semiconductor assembly and testing – from Infiniti Solutions.
“Led by industry executive, Matt Bergeron, CORWIL proved to be an industry leader in the outsourced assembly and test market in North America. CORWIL’s fast turn, breadth of integrated circuit assembly and test services, coupled with strong engineering talent were significant competitive advantages,” said Steve Soderling, a Partner at Tonka Bay.
Tonka Bay invests in manufacturing, value-added distribution and business services companies that have EBITDAs greater than $2 million. The firm is based in the Minneapolis suburb of Minnetonka (www.tonkabayequity.com).
Integra Technologies, the buyer of CORWIL, provides semiconductor testing, qualification, and other technical services to semiconductor, aerospace, medical, automotive, industrial and commercial customers. The company is headquartered in Wichita (www.integra-tech.com).
© 2017 Private Equity Professional | September 14, 2017
