Advantek manufactures precision component packaging and delivery systems intended to transport and protect expensive semiconductor and electronic components during shipping and storage
Cornell Capital to acquire carrier tape and protective packaging products maker Advantek. (Credit: donations welcome from Pixabay)
New York and Hong Kong-based private equity firm Cornell Capital has agreed to acquire carrier tape and protective packaging products maker Advantek for an undisclosed sum.
The private equity firm will acquire Advantek from Tinicum, LP and affiliated funds managed by Tinicum Incorporated (Tinicum), which will retain a minority stake in Advantek upon completion of the deal.
Advantek manufactures precision component packaging and delivery systems intended to transport and protect expensive semiconductor and electronic components during shipping and storage.
The company is headquartered in Eden Prairie, Minnesota, and has offices around the world in Taipei, Manila, Shanghai, Eau Claire, and Laxa.
Its products are said to play an important role in the assembly process of items including computers, mobile phones, LED lighting, medical components, smart appliances, and cars.
With manufacturing facilities on three continents and a management team with extensive experience, Advantek is known for its advanced technical excellence, dependable product quality, and superior service.
The extensive operations in Asia and global reach of Advantek complement Cornell Capital’s extensive knowledge of the region and track record of expanding the companies on the global platform.
Cornell Capital will collaborate with the Advantek management team, led by CEO and president Wim Goossens, to expedite growth plans, including continued innovation, geographic and capacity expansion, and M&A.
Allen Chu, partner and head of Asia, and Stephen Trevor, partner and head of Business Services/Industrials, are in charge of Cornell’s investment in Advantek.
Allen Chu said: “As strong secular market trends in component miniaturization and electrification continue to drive increased high-precision carrier tape and component demand, Advantek is well-positioned to capitalise on attractive opportunities for continued growth globally.
“We look forward to leveraging our deep cross-border expertise to accelerate Advantek’s growth in key international markets.”