Private Investor Group Completes $26 Million Purchase of Hybrid Product Line From Cirrus Logic Inc.®
The hybrid product line from Cirrus Logic Inc.'s (Nasdaq: CRUS) Tucson-based Apex Precision Power business unit has been sold for $26 million to a group of private investors led by Alerion Capital, headquartered in Scottsdale, Ariz. In doing so, Apex Microtechnology, Inc., which Cirrus Logic acquired in July 2007, has been re-established as a stand-alone corporation.
The Apex Microtechnology brand has a long-standing reputation as an innovator in the design and manufacturing of high-power analog microelectronics that help customers work with the inherent electrical and thermal management issues of end-use circuitry requiring power levels of up to 50 A and 1200 V. These devices are typically used to generate motion control, such as driving piezo electrical devices, and brush and brushless DC motors. Target application markets include high-reliability industrial, test and measurement, medical, aerospace and defense. During its five-year, Cirrus Logic tenure, the Apex Precision Power business unit added precision voltage references to complement its existing power operational and pulse width modulation (PWM) amplifiers. Today, the company has more than 300 product models in its catalog of off-the-shelf component solutions.
"This is an exciting transition for the Apex Microtechnology brand," explained Greg Brennan, president and chief executive officer of Apex Microtechnology. "The company is well positioned to capitalize on the growth in customer demand for precision power solutions that deliver higher levels of performance integration. As always, Apex will focus its resources on evolving the technical design expertise needed to keep the company poised as an industry innovator."
Apex Microtechnology will continue design engineering and manufacturing operations at its headquarters facility at 5980 North Shannon Road in Tucson, Ariz. This 50,000-square-foot facility includes a 20,000-square-foot Class 5 clean room. The company will retain more than 80 full-time and part-time degreed professionals and skilled employees.