SPTS Technologies Group, which has a manufacturing facility in Newport, has been sold by Bridgepoint to Israel-based Orbotech Ltd for around $370m.

Under the terms of the agreement, Orbotech will acquire SPTS for a total consideration (including repayment or assumption of debt) of approximately $370m in cash.

SPTS, which has it's UK base at The Coldra, Newport, designs, manufactures, sells and supports advanced capital equipment which, as part of the production process for microchips, is used to deposit and remove materials from semiconducting wafers.

Its largest and fastest growing markets are the structurally growing niches of advanced microchip packaging and the manufacture of ultra-small mechanical sensors which are used in smartphones, tablet computers, and game consoles.

The company operates across 19 countries in Europe, North America and Asia-Pacific, with manufacturing facilities in Newport, Pennsylvania, and California. It has a total of 500 employees, with 250 based in Newport.

Asher Levy, chief executive officer of Orbotech Ltd, said: “Orbotech identified advanced packaging as a strategic and natural extension of its business into an adjacent high growth market, where SPTS is a recognised technology leader.

"SPTS benefits from established, long-standing partnerships with major industry players. It is a well-known and highly-respected brand with deep domain expertise in those segments in which it operates. Acquiring SPTS accelerates our expansion into advanced packaging, with multiple manufacturing solutions ideally suited for this growing segment. We look forward to welcoming the SPTS team to Orbotech and capitalizing on the best of both companies for continued success.”

Bill Johnson, chief executive officer of SPTS, said: "This transaction combines two high quality businesses with leadership positions in their markets. The combination of SPTS and Orbotech will create a stronger business with an enhanced customer offering and geographical footprint."

Kevin Crofton, president and chief operating officer of SPTS, said: “This is an exceptional opportunity to bring together two proven leaders both operating at the cutting-edge of consumer electronics manufacturing. We share a common vision for our respective markets, including an uncompromising commitment to our customers. Together, we will be a powerhouse of expertise in micro manufacturing, providing a broad solution set of mission-critical capabilities to serve designers and manufacturers across the dynamic electronics industry landscape. We are excited about the opportunity to leverage Orbotech’s strong presence in the Pacific as well as its products and technologies.”

Orbotech Ltd has been at the cutting edge of the electronics industry supply chain for more than 30 years. It is a leading provider of yield-enhancing and production solutions, primarily for manufacturers of printed circuit boards, flat panel displays and other electronic components. Today, virtually every electronic device is produced using Orbotech technology.