Advanced Energy buys California technology company

FORT COLLINS — Advanced Energy Industries Inc. (Nasdaq: AEIS), a provider of power and control technologies, has purchased LumaSense Technologies Holdings Inc., based in Santa Clara, Calif. The transaction closed Sept. 1.

The acquisition adds a line of photonic-based measurement and monitoring solutions that are synergistic with AE’s power control technologies in both semiconductor and industrial markets.

“The acquisition of LumaSense will enhance our customers’ ability to better control critical parameters of thermal and material processes, leading to significant improvements in process performance, efficiency and waste reduction,” Yuval Wasserman, president and CEO of Advanced Energy, said in a prepared statement. “This addition will broaden our exposure to industrial applications for material processing and power management.”

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“The close of the acquisition marks an exciting and transformative time for LumaSense as we officially join the Advanced Energy family,” said Steve Abely, former CEO of LumaSense. “We look forward to providing customers with an even more robust product portfolio that further establishes Advanced Energy’s position as the global leader in innovative power control technology.”

Under the terms of the merger agreement, the aggregate consideration was approximately $85 million in cash without giving effect to amounts deposited in escrow, the working capital adjustment, related transaction fees and expenses and the repayment of outstanding indebtedness of LumaSense. Revenues for LumaSense in 2017 were approximately $60 million.