AEA Investors Weighs $3.5 billion Sale of Excelitas

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AEA Investors is considering options for Excelitas Technologies Corp. including a sale that could value the laser and sensor manufacturer at more than $3.5 billion, according to people familiar with the matter.

The private equity firm is working with advisers to look at strategic options for Waltham, Massachusetts-based Excelitas, said the people, who asked not to be identified because they weren’t authorized to speak publicly. The company is expected to attract interest from industrial peers and private equity firms, the people said. No final decision has been made and AEA could elect to keep the business, the people said.

A representative for AEA declined to comment, while a representative for Excelitas didn’t immediately respond to requests seeking comment.

AEA bought Excelitas, which makes products under brands including Axsun and Qioptiq, from peer Veritas Capital Fund Management in 2017 for an undisclosed sum. The private equity firm has backed management, led by Chief Executive Officer David Nislick, to make acquisitions, including an agreement to purchase camera maker PCO AG in June.

New York-based AEA also owns stakes in Springs Window Fashions and Atlas Welding, according to its website. The firm raised $5 billion for its last flagship fund in 2019, according to data compiled by Bloomberg.

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