Radiant Vision Systems Enters into Agreement to be Acquired by Konica Minolta
REDMOND, Wash., USA – June 24, 2015 - Radiant Vision Systems, LLC (Radiant), a leading provider of test and measurement solutions to the flat panel display industry, announced today that it has signed a definitive agreement to be acquired by Konica Minolta, Inc. Radiant is currently owned by Evergreen Pacific Partners, a Seattle-based private equity firm.
Radiant specializes in integrated systems for light and color measurement and visual surface inspection in consumer electronics, displays, and LED products. Built around specially calibrated, scientific-grade imaging systems, these solutions combine application-specific software with global engineering support to deliver a complete solution to each customer.
Konica Minolta’s Sensing business unit is a leading manufacturer in the light, color, and appearance measurement sectors, providing high-quality products and solutions to its global customer base. Konica Minolta is striving to transform its Sensing business by expanding into growing fields through the addition of new and innovative technology, skills, and resources. The Radiant acquisition supports this strategy, gaining Konica Minolta access to Radiant’s product portfolio and expertise in high-volume production test solutions, while providing complementary technologies and increased market exposure to Radiant.
“Since partnering with Evergreen Pacific Partners to acquire Radiant and investing in the flat panel display and surface inspection markets, the Radiant team has been focused on how to bring our measurement solutions to leading customers in these rapidly growing markets,” states Paul Caragher, President and CEO of Radiant. “Becoming part of the Konica Minolta family provides an opportunity to accelerate this strategy.”
Through the acquisition, Konica Minolta will not only solidify the foundation of its measurement business with Radiant’s sophisticated products and solutions, but will also gain the technological strength to enter the growing market for automated inspection systems in manufacturing, including visual surface inspection. Manufacturers are expected to increasingly adopt automated inspection technologies, which improve product quality and productivity. Radiant will gain access to Konica Minolta’s global research, manufacturing, marketing and distribution networks.
“The acquisition of Radiant will significantly strengthen Konica Minolta’s position as a leading provider of optical and sensing solutions, and supports our core strategy of offering custom capabilities to customers globally across multiple industries and applications,” said Hitoshi Kamezawa, General Manager of Konica Minolta’s Sensing Business Unit.
“The complementary capabilities of Radiant and Konica Minolta’s Sensing business will enable Radiant to expand our solutions as well as our commercial reach,” added Radiant’s Chief Solutions Officer, Doug Kreysar. The transaction is expected to close in August 2015, subject to customary closing conditions and regulatory approvals.
“We are grateful for the hard work and vision provided by the very talented Radiant team -- it was critical to the success of this investment," said T.J. McGill, a Co-founder and Managing Partner at Evergreen Pacific Partners.
About Radiant Vision Systems
Radiant Vision Systems’ worldwide installed base has a proven track record that dates back more than 20 years. Leaders in display and lighting devices turn to Radiant’s test and measurement systems to ensure quality, reduce costs, and improve efficiencies. Radiant Vision Systems’ product lines include TrueTest ™ automated visual inspection software for display systems and ProMetric® imaging colorimeters, photometers and light source measurement systems. Radiant has approximately 100 employees and is headquartered in Redmond, Wash., USA, with strategic offices in China, and South Korea. For more information, go to http://www.radiantvisionsystems.com/.
About Konica Minolta
Konica Minolta is a global technology provider engaged in the development, manufacturing and sale of multi-functional peripherals (MFPs), printers, equipment for production print systems and graphic arts, equipment for healthcare systems, measuring instruments for industrial and healthcare applications, inkjet print heads and textile printers for industrial use, and related consumables and solution services. The company is also engaged in the development, manufacturing and sale of electronic materials, lighting source panels, functional films and optical products. Konica Minolta has over 41,000 employees and operates in 150 countries. For more information, go to http://www.konicaminolta.com/.
About Evergreen Pacific Partners
Based in Seattle, Evergreen Pacific Partners currently manages two private equity funds totaling $700 million, with a focus on investing in traditional, middle-market companies in Western North America. Evergreen Pacific was co-founded by Timothy Bernardez, T. J. McGill, and Michael Nibarger. Evergreen Pacific’s acquisitions and investments include Vantage Mobility International (Phoenix, Ariz.), Gene Juarez Salons & Spas (Seattle, Wash.), Good Source Solutions (Carlsbad, Calif.), Haney Truck Line (Yakima, Wash.), Puget Sound Truck Lines, Inc. (Seattle, Wash.), Nickel Plate Express, Inc. (Portland, Ore.), Nuprecon (Snoqualmie, Wash.), CST Environmental (Brea, Calif.), Marcor Environmental (Baltimore, MD), Radiant Imaging, Inc. (Redmond, Wash.), Zemax Development Corporation (Redmond, Wash.) Thermal Dynamics (Ontario, Calif.), PAC Stainless (Seattle, Wash.), Span Alaska (Auburn, Wash.) and Abracon (Irvine, Calif.). More information is available at www.eppcapital.com.
Press Contacts:
Cathy McBeth
Radiant Vision Systems
+1 (425) 844-0152 x557
Cathy.McBeth@RadiantVS.com
John Williams
Scoville PR for Evergreen
+1 206-625-0075 x1
jwilliams@scovillepr.com
