LOS ANGELES, Calif. (May 1,
2014)
– Platinum
Equity announced today it has completed the sale of Truesense Imaging to ON
Semiconductor (NASDAQ: ONNN).
Truesense Imaging is a provider of
high-performance image sensing devices addressing a wide range of industrial
end-markets, including machine vision, surveillance, traffic monitoring, medical
and scientific imaging, and photography.
“We are proud of this investment and of all
the hard work that went into making it successful,” said Platinum Equity’s
Jason Leach, who led the initial acquisition. “The business is fundamentally
strong and is well positioned to succeed under new ownership.”
Platinum Equity acquired the business
(previously known as Kodak Image Sensor Solutions) in November 2011. Based on
audited results, Truesense Imaging’s revenue for 2013 was approximately $79
million.
“As a firm we remain very active in the
lower middle market and the Truesense investment is another great example of
how we continue to create value in that space,” said Mr. Leach. “It is also a great representation of our core expertise in corporate
divestitures, where sellers trust Platinum Equity to execute seamless
transitions and to help the businesses we acquire reach their potential.”
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O®
firm specializing in the merger, acquisition and operation of companies that
provide services and solutions to customers in a broad range of business
markets, including information technology, telecommunications, logistics,
metals services, manufacturing and distribution. Since its founding in 1995 by
Tom Gores, Platinum Equity has completed more than 150 acquisitions.
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