Gordon Brothers completes financing to SkyWater for purchase of Cypress
Gordon Brothers Finance Company has entered into a $31.2 million term loan financing transaction with SkyWater Technology Foundry, Inc. for the purchase of Cypress Semiconductor Corp.'s semiconductor wafer fabrication facility, Cypress Semiconductor.
Backed by Minnesota-based holding company Oxbow Industries, LLC, SkyWater has purchased the capital stock of the subsidiary and will operate the fab as a standalone business that will manufacture wafers for Cypress and for other semiconductor manufacturers. The operation will now operate under the name SkyWater.
"We are pleased to provide SkyWater and Oxbow with the financing to support the acquisition of the Bloomington-based business," said Lawrence Klaff, Senior Managing Director with Gordon Brothers Finance Company. "Thanks to our partnership with Bob Maroney of Gordon Brothers' Commercial & Industrial division, we had a clearer understanding of the business's underlying asset value. We look forward to supporting the ongoing operations of the company."
Bart Zibrowski, CFO of SkyWater, added, "We were impressed with Gordon Brothers Finance Company's efficiency and grasp of the business opportunity, as well as their ability to provide a financing solution on an efficient timeline. We look forward to our continued partnership."
SkyWater will continue to operate out of its Bloomington, Minn., fabrication facility.
