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Sector
Technology
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £292.1m
Position in Universe th / 7306

SMTC Corporation Announces Completion of Investment by H.I.G. Capital

Mon 5th April, 2021 2:00pm
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TORONTO, April 05, 2021 (GLOBE NEWSWIRE) -- SMTC Corporation (Nasdaq:SMTX), a
global electronics manufacturing services provider and past winner of Frost &
Sullivan’s Best Practices Award for Customer Value Leadership in the
Electronics Manufacturing Services Industry, today announced the completion of
the transaction by an affiliate of H.I.G. Capital (“H.I.G.”), a leading
global alternative investment firm with $43 billion of equity capital under
management, that transforms SMTC Corporation into a private company.

The transaction was previously announced on January 4, 2021 and received
approval from SMTC Corporation stockholders on March 31, 2021. As a result of
the completion of the transaction, SMTC stockholders will receive $6.044 per
share in cash, and SMTC Corporation’s common stock (SMTX) will cease trading
on the Nasdaq exchange.

“With the completion of H.I.G.’s investment in SMTC, we are better
positioned to execute our strategy to expand our integrated manufacturing
service capabilities for our customers. As a private company, SMTC will have
greater access to resources to invest in the high-growth-markets with
high-quality, innovative solutions and services,” said Ed Smith, who will
continue as President and Chief Executive Officer of SMTC Corporation.

Phillip Wood-Smith, Managing Director of H.I.G., commented, “We are excited
to help SMTC achieve its full potential as a private and independent company
by supporting Eddie Smith and his team as they build a stronger
customer-focused EMS platform.”

Lincoln International acted as financial advisor and Perkins Coie LLP acted
as legal advisor to SMTC. 

About SMTC

SMTC Corporation was founded in 1985 and acquired MC Assembly Holdings, Inc.
in November 2018. SMTC has more than 50 manufacturing and assembly lines in
the United States and Mexico which creates a powerful low-to-medium volume,
high-mix, end-to-end global electronics manufacturing services (EMS) provider.
With local support and expanded manufacturing capabilities globally, including
fully integrated contract manufacturing services with a focus on global
original equipment manufacturers and emerging technology companies, including
those in the Avionics, Aerospace and Defense, Industrial IoT, Power and Clean
Technology, Medical and Safety, Retail and Payment Systems, Semiconductors,
Telecom, Networking and Communications, and Test and Measurement industries.
As a mid-size provider of end-to-end EMS, SMTC provides printed circuit board
assembly production, systems integration and comprehensive testing services,
enclosure fabrication, as well as product design, and sustaining engineering
and supply chain management services. SMTC services extend over the entire
electronic product life cycle from the development and introduction of new
products through to the growth, maturity and end-of-life phases. For further
information on SMTC Corporation, please visit our website at www.smtc.com. 

About H.I.G. Capital

H.I.G. is a leading global private equity and alternative assets investment
firm with over $43 billion of equity capital under management. Based in Miami,
and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San
Francisco, and Atlanta in the U.S., as well as international affiliate offices
in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São
Paulo, H.I.G. specializes in providing both debt and equity capital to small
and mid-sized companies, utilizing a flexible and operationally focused/
value-added approach. Since its founding in 1993, H.I.G. has invested in and
managed more than 300 companies worldwide. The firm’s current portfolio
includes more than 100 companies with combined sales in excess of $30 billion.
For more information, please refer to the H.I.G. website at
www.higcapital.com.

SMTC Corporation Contact:

Steve Waszak
Chief Financial Officer
steve.waszak@smtc.com   
+1 (949) 600-3575

H.I.G. Capital Contact:

Phillip Wood-Smith
Managing Director
pwoodsmith@higcapital.com
+1 (212) 294-7203 

(https://www.globenewswire.com/NewsRoom/AttachmentNg/ca974b46-a735-457d-847c-7eb19fa73b34)



GlobeNewswire, Inc. 2021
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