M&A June 2, 2021 11:35:59 pm

Advanced Energy buys instrumentation company for $18M

By BizWest Staff

DENVER — Advanced Energy Industries Inc. (Nasdaq: AEIS), now based in Denver but formerly headquartered in Fort Collins where it maintains a large manufacturing facility, has purchased Tegam Inc., a provider of metrology and calibration instrumentation used in semiconductor and advanced industrial markets.

Tegam, based in Geneva, Ohio, had revenue of about $10 million in its last fiscal year. Under the terms of the agreement, Advanced Energy paid $18 million in cash for the acquisition, subject to adjustments for net working capital.

The deal adds complementary RF power instruments and calibration systems to Advanced Energy’s portfolio and expands its presence in several advanced industrial markets, according to a press release about the transaction.

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“We are pleased to welcome the Tegam team to Advanced Energy,” Steve Kelley, president and CEO of Advanced Energy, said in a statement. “As the pure play power leader, we are committed to delivering complete solutions to our customers. With this acquisition, we further extend our leadership in RF power by adding Tegam’s industry-leading metrology and calibration technologies that contribute to the precise control and repeatability of RF power delivery in plasma etch and deposition processes.”