Spire Corporation, a publicly held company (Nasdaq: SPIR) based in Bedford, Massachusetts is a technology leader in the manufacturing of compound semiconductor wafers used in high bandwidth applications, a supplier of manufacturing equipment for assembling photovoltaic modules from solar cells, and a provider of ion implant services for implantable medical devices.
OEM Capital was asked to assist Spire Corporation in managing the sale of the business to one or more buyers to maximize shareholder value. Since the businesses were largely unrelated, we developed a sales program to find and secure synergistic buyers for each business in order to maximize shareholder value.
OEM Capital worked closely with the management to isolate the performance of each business and the recasting of historical and budgetary financial data showing the performance of each business and tying the results to the company’s audited financial statements.
Our marketing program elicited several attractive offers. A select group of bidders were invited to meet with management and receive a detailed presentation of the business. As a result of our involvement, Spire Corporation was able to conclude an attractive transaction in a timely manner. The buyer, who wishes its name to remain confidential, secured certain rights to Spire’s ion implant technology for a medical application.
Our success with Spire Corporation illustrates that, whether a business is healthy, under performing or distressed, superior valuations can be realized for the selling shareholders by a well executed sales approach by merger and acquisition professionals who are knowledgeable about the industry and the intentions of its participants.