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Hermetic Solutions sale attracts sponsors and strategics, sources say

Windjammer Capital Investors-backed Hermetic Solutions is receiving interest from private equity firms and strategics in its sale process, said two sources familiar with the matter.

Electronic instruments maker AMETEK [NYSE:AME] and private equity firm The Carlyle Group [NASDAQ:CG] are among the potential buyers that have shown interest in Hermetic Solutions, the two sources said.  

This news service reported earlier this month that Hermetic Solutions was exploring a sale. The Trevose, Pennsylvania-based industrial products company is working with William Blair and BlackArch on the process, the two sources said.  

Hermetic Solutions is being marketed at around USD 70m in EBITDA, the two sources said. The sale process is currently in the second round, they added, noting initial bids were taken about three weeks ago. Management presentations with prospective suitors were taking place last week, the two sources said. 

Hermetic Solutions is a provider of advanced microelectronic packages, engineered components and interconnect products.

Windjammer acquired Hermetic Solutions in 2019 for an undisclosed amount. This news service reported in April 2019 that Hermetic Solutions sold to Windjammer for around a 12x EBITDA multiple. At the time, the company had around USD 20m to USD 25m in EBITDA, as reported. BlackArch advised on the sale.

Since the acquisition by Windjammer, Hermetic Solutions has made three acquisitions. It acquired interconnect products maker Cristek Interconnects and specialty connectors maker FilConn for undisclosed amounts in 2021. In May, Hermetic Solutions acquired precision machining company Zet-Tek. Terms of the deals were undisclosed.   

Windjammer Capital, Hermetic Solutions, William Blair, BlackArch, AMETEK and The Carlyle Group did not return requests for comment.