Ophir Optronics Acquired for $650 Million by TTM Technologies
Translated & summarized from Globes by baba
Israeli optics and laser company Ophir Optronics is being sold to TTM Technologies for approximately $650 million. The deal, expected to close in Q2 2027, will see TTM acquire Ophir from its current owner, MKS Instruments. Founded in 1976, Ophir Optronics develops electro-optical systems for various applications, including the defense sector. The acquisition is based on an estimated 10x adjusted EBITDA multiple.
The story in 6 lines · by baba
- Ophir Optronics is being sold to TTM Technologies for approximately $650 million.
- The deal is expected to be completed in the second quarter of 2027.
- Ophir Optronics, founded in 1976, develops electro-optical systems for defense and other sectors.
- The acquisition excludes Ophir's laser characterization division and the brand name.
- The company employs around 250 people and is based in Jerusalem.
- The deal is valued at roughly 10 times the company's adjusted annual EBITDA.
Ophir Optronics, an Israeli optics and laser company, is changing hands in a deal valued at approximately $650 million. The company, currently controlled by the American technology firm MKS Instruments, will be acquired by TTM Technologies. The transaction, expected to be finalized in the second quarter of 2027, involves TTM purchasing all shares of Ophir Optronics from MKS Instruments.
Ophir Optronics, founded in 1976 and operating from the Har Hotzvim high-tech park in Jerusalem, specializes in developing and manufacturing electro-optical systems. Its products, which often utilize infrared technology for thermal imaging and night vision, find applications in the defense sector. The deal reportedly excludes Ophir's laser characterization division and the "Ophir" brand, which will remain with MKS.
The acquisition is estimated to be based on a multiple of around 10 times Ophir's annualized adjusted EBITDA. The company, which employs about 250 people, has a long history of ownership changes since its inception by three physics PhDs: Professor Yaakov Zarem, Dr. Efraim Greenfield, and Dr. Efraim Samski. The founders chose the name Ophir as a portmanteau of "optics" and "Jerusalem."
Over the decades, Ophir has been involved in various transactions, including an IPO on the Tel Aviv Stock Exchange in 1991 and investments from prominent figures like Gershon Skop and Beni Landau. In 2008, FIMI Investment Fund acquired a 20% stake, later benefiting from a significant exit when Ophir was sold to Newport in 2011 for about $230 million. In 2016, Ophir and Newport were acquired by MKS Instruments for $960 million. The company is currently managed by Dr. Kobi Lassri.
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