Exclusive: Lighting and sensor provider Excelitas up for sale - sources

Reuters News
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Posted: Oct 29, 2014 7:07 PM

By Greg Roumeliotis and Mike Stone

(Reuters) - Excelitas Technologies Corp, a provider of lighting and sensor components to the health and defense sectors, is exploring a sale it hopes will value it at at least $2 billion, including debt, according to people familiar with the matter.

Excelitas' owner, private equity firm Veritas Capital Fund Management LLC, is preparing to launch an auction for the company with the help of investment banks Goldman Sachs Group Inc and Rothschild, the people said on Wednesday.

Excelitas has annual earnings before interest, tax, depreciation and amortization of around $160 million, the people added.

The sources asked not to be identified because the sale process is not public. Veritas Capital, Goldman Sachs and Rothschild declined to comment, while an Excelitas spokeswoman did not respond to a request for comment.

Based in Waltham, Massachusetts, Excelitas makes products such as light emitting diodes (LEDs) and flash lamps for applications ranging from medical lighting and analytical instrumentation to aerospace and defense equipment.

Veritas created Excelitas by acquiring the former illumination and detection solutions business of scientific instruments manufacturer PerkinElmer Inc for about $500 million in 2010.

Excelitas went on to acquire four more companies, including Kaiser Systems Inc, a manufacturer of high-voltage power systems, and Qioptiq, a maker of specialized optical components such as lenses and optical modules.

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(Reporting by Greg Roumeliotis and Mike Stone in New York; Editing by Cynthia Osterman)