– Leading designer and manufacturer of optical fiber-based lasers for use in materials processing applications
– Headquartered in Southampton, UK, SPI Lasers was admitted to trading on AIM on 26 October 2005
– For the financial year ended 31 December 2007, SPI Lasers reported revenues of c. £13.0m (2006: £7.1m)
– Employs c. 170 people
– Leading provider of production technology offering high-quality laser-based products and solutions for materials processing applications
– Operates three business divisions: Machine tools / Power tools, Laser Technology / Electronics and Medical Technology
– Family owned company with more than 50 subsidiaries in over 26 countries worldwide
– For the year ended 30 June 2008, TRUMPF reported group revenue of €2.14bn
– TRUMPF intends to accelerate the growth of SPI Lasers, which will become a base for further development of its business in the field of fiber lasers
– The broad product portfolio of SPI Lasers in the fiber laser segment complements TRUMPF’s existing product and technology platforms and creates a stronger combined industrial laser offering
– SPI Lasers’ strong existing sales and marketing channels will be a good addition to TRUMPF’s worldwide distribution network, enabling both companies to achieve broader and deeper penetration of industrial laser markets
– The offer price represented a premium of c. 33% to the SPI closing price on the day prior to the announcement, and a premium of c. 29% to the average closing price for the six month period prior to the announcement
– Arma Partners was engaged to manage a sell-side process for the publicly listed SPI Lasers. There were no information leaks or substantial share price movements over a more than 6 month process
– Arma Partners organised a comprehensive due diligence process to address buyer concerns arising from the Company’s well-publicised operational and financial difficulties in the prior year. The final valuation was based on the Company’s strong technology and long term vision rather than past performance issues
– Arma Partners worked with the board and management in amending the terms of management’s exit incentive scheme so as to deliver greater value to management for their exceptional contribution to the success of the transaction
– Arma Partners helped to successfully maximise shareholder value with an exit value of 2.1x trailing revenue. Shareholders fully supported the Offer, with 98.5% acceptances at the first closing date