Amtech Systems acquires Entrepix
Amtech Systems has acquired Entrepix, an expert in chemical mechanical polishing (CMP) and wafer cleaning.
Entrepix is expected to expand Amtech’s market opportunity and accelerate growth in the front-end wafer processing market, including silicon carbide applications.
“We are excited to add Entrepix’s robust CMP technology portfolio and wafer cleaning equipment to our existing substrate polishing and wet process chemical offerings, thereby increasing our penetration into a multitude of applications that utilize smaller wafers (200mm and below), including the high growth silicon carbide market,” said Michael Whang, CEO of Amtech Systems. “With the addition of Entrepix, Amtech now offers one of the industry’s broadest sets of substrate processing solutions, providing robust cross-selling opportunities across both Amtech’s and Entrepix’s respective customer bases. I believe Entrepix will provide a strategic benefit to Amtech and create meaningful value for our shareholders from day one,” added Whang.
“Joining Amtech represents the next step in the growth of Entrepix as we further penetrate the CMP industry through our engineered products, capital equipment, and services,” added Tim Tobin, Entrepix CEO. “Both companies share a culture of technical leadership, combined with deep domain expertise and unparalleled customer service, which we believe will further differentiate our combined solutions and drive success.”
Entrepix reported revenues of $26.7 million (unaudited) on a trailing twelve months basis ended December 31, 2022. The transaction closed on January 17, 2023, for a purchase price of $35 million, funded with available cash and a term loan with UMB Bank. The acquisition was structured through a reverse triangular merger wherein Amtech acquired Entrepix, Inc., resulting in Entrepix becoming a wholly owned subsidiary of the Company. The purchase price is subject to a customary working capital adjustment.