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Sanken North America Completes Private Placement Of Shares Purchased By One Equity Partners For $291 MillionWORCESTER, Mass., Oct. 3, 2017 /PRNewswire/ -- Sanken North America, Inc. (SKNA) announced today that One Equity Partners (OEP), a middle market private equity firm with deep technology expertise, has completed a minority investment in SKNA. SKNA sold 28.8% of newly issued shares to One Equity Partners for $291 million with the proceeds returning to Sanken Electric Co., Ltd. in the form of a special dividend. SKNA, a wholly-owned subsidiary of Sanken, is the owner of two semiconductor businesses, Allegro MicroSystems, LLC (Allegro) and Polar Semiconductor, LLC (Polar). Allegro is a leader in developing high-performance power and sensor semiconductors that serve high-growth applications within the automotive, industrial and consumer markets, while Polar Semiconductor is a manufacturer of silicon wafers. Headquartered in Worcester, Mass., SKNA has a significant presence in Manchester, N.H., and operates manufacturing facilities in both the Philippines and Thailand. "The investment by OEP into SKNA offered a unique strategic opportunity. Sanken realized a portion of the value created in SKNA to support its restructuring and growth initiatives, while ensuring SKNA access to investments to support its continued growth and expansion opportunities," said Yoshihiro Suzuki, Chairman of the Board, Sanken North America, Inc. and member of the Sanken Board of Directors. "Over the past year, SKNA has focused on growth, improved competitiveness, operational enhancements, and long-range business expansion beyond magnetic sensor and power integrated crcuits. By aligning with OEP and leveraging their demonstrated expertise within the semiconductor industry, we will accelerate these activities, further improving operating efficiencies, enhancing our growth strategies, and pursuing merger and acquisition opportunities," said Ravi Vig, President and Chief Executive Officer of SKNA and Allegro MicroSystems, LLC and a member of the SKNA Board of Directors. "We are delighted to partner with Sanken and with the SKNA management team. SKNA has a strong financial foundation and is well positioned to grow organically and through strategic acquisitions," said Chip Schorr, Senior Managing Director, One Equity Partners and a member of the SKNA Board of Directors. "Given the leading position of Allegro across the globe and the vast financial resources now at the Company's disposal, we are very excited about Allegro's ability to become a consolidator in its markets." About Sanken Electric Company, Ltd. About Sanken North America, Inc., (SKNA) About One Equity Partners, (OEP) View original content with multimedia:http://www.prnewswire.com/news-releases/sanken-north-america-completes-private-placement-of-shares-purchased-by-one-equity-partners-for-291-million-300529748.html SOURCE Sanken North America, Inc. |