Summit Partners Makes Growth Equity Investment in Solid State Equipment

Investment will accelerate growth in rapidly growing equipment provider for the semiconductor industry

HORSHAM, PA and BOSTON, MA—Growth equity investor Summit Partners announced that it completed a significant investment in Solid State Equipment, a manufacturer of single wafer wet processing equipment for the semiconductor industry. Solid State Equipment will continue to focus on several high-growth segments of semiconductor manufacturing, including advanced packaging processes, mobile communications and mobile computing products, and LED devices.

Founded in 1965, Solid State Equipment designs and manufactures capital equipment for leading semiconductor companies. The company provides outstanding products and services for the integrated circuit industry that can be configured to a specific customer’s needs, while leveraging standard platforms and proprietary technology to drive efficiencies. Solid State Equipment provides sales and technical support through its global network of direct and independent representatives.

Herman Itzkowitz, Solid State Equipment’s President and CTO, said, “Summit Partners' investment is a vote of confidence in our business model and our leadership position in the industry. Summit Partners has provided us with the growth capital necessary to continue our track record of success in important growth segments of the semiconductor industry.” Added Rich Richardson, Solid State Equipment’s Chairman, “Summit Partners’ industry experience will be an invaluable resource as we enter our next stage of growth."

John Carroll, a Managing Director at Summit Partners who will join the Solid State Equipment Board of Directors, said, “Under the leadership of Rich and Herman, Solid State Equipment has established an exceptional track record through its proprietary technology and exceptional engineering capabilities. We are pleased to partner with Rich, Herman, and the entire management team to support the company’s continued growth."

“Solid State Equipment has maintained impressive growth and consistent profitability for nearly two decades,” added Peter Rottier, a Vice President with Summit Partners who is also joining the board. “We are delighted to be an investor in the business and to work with the management team.”

About Solid State Equipment
Founded in 1965 and headquartered in Horsham, Pennsylvania, Solid State Equipment (www.ssecusa.com) is a manufacturer of single wafer wet processing equipment for the semiconductor industry. Solid State Equipment maintains worldwide sales and technical service offices in Horsham, Pennsylvania; San Jose, California; Regensburg, Germany; Cramlington, England; Taiwan, R.O.C.; Shanghai, P.R.C; Woodlands, Singapore; Gyeonggi, R.O.K.; and Laguna, Philippines.

About Summit Partners
Summit Partners (www.summitpartners.com) is a growth equity firm that invests in rapidly growing companies. Founded in 1984, Summit has raised more than $11 billion in capital and has offices in Boston, London and Palo Alto. Summit seeks outstanding management teams that have built their companies to profitability and market leadership, and it provides equity and debt capital for growth, recapitalizations and management buyouts. Summit has invested in more than 330 companies across a range of geographies and industries. In the semiconductor and communications industry, Summit’s notable investments include AltoCom, E-TEK Dynamics, FSI International, Hittite Microwave, Powerwave Technologies, Sirenza Microdevices and Ubiquiti Networks.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Services Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.