Nova, FF&P to buy Shanghai-based optics company

The UK-based private equity firms will acquire Oerlikon Optics’ assets in China, the US, Japan, Taiwan and Liechtenstein.

Nova Capital Management and FF&P Private Equity have teamed to purchase OC Oerlikon’s optics business for an undisclosed amount. The deal is awaiting regulatory approvals and is expected to close in early September.

The firms declined to comment on the details of the transaction, which will see the firms acquire Oerlikon’s operations in China, Liechtenstein, the US, Japan and Taiwan.

Located in Shanghai, Oerlikon Optics manufactures optical components and specialises in optical coatings, photo-lithography and high volume, high precision component assembly. It was established in 2002 and currently employs 350 people.

Patrick Austen, operating partner of Nova Capital Management, said in a statement that the firms want to develop the business as an independent entity and help the management team with its growth plans.

FF&P Private Equity is a part of Fleming Family and Partners, one of Europe’s largest multi-family offices. The parent group manages assets of more than £4 billion ($6.6 billion; €4.6 billion). The private equity subsidiary manages more than £250 million across six funds, Dan Walker, investment manager at the firm, told PEO.

Nova, which typically does direct secondaries deals, currently manages a portfolio of more than 30 companies operating primarily in Western Europe and the US. It has completed portfolio transactions with a value of more than €880 million ($1.2 billion) since its inception in 2002 across sectors including engineering and manufacturing, healthcare and pharmaceuticals, property, services and distribution and technology, media and telecom.

The Oerlikon Group is a Switzerland-based research-intensive industrial group providing production technologies and components to clients such as Reliance, Sony, Bosch, Kraft Foods, Ferrari and Caterpillar.

International law firm Reed Smith advised the buyers on the transaction.