Family-run wafer sawing slurry recycler, SiC Processing has been sold to Nordic Capital Fund VII, for an undisclosed sum. However, the founding family remains as co-owners with a 25% stake and former lead investor zouk ventures is retaining a 5% share in the company. Founder and CEO Thomas Heckmann noted that the sale of the business to Nordic Capital would enable continued financial investments to be made in the business, notably in expanding capacity to meet solar wafer manufacturers’ growing requirements.
A recent report from Bernreuter Research estimates that global solar polysilicon production would reach 250,000MT in 2012, with approximately 80,000MT produced in China alone. This is leading to a renewed expansion in solar wafer production to meet the growing demand for PV modules. Although outsourcing of wafer slurry recycling has been more widely adopted in Europe than elsewhere, the need to recycle remains a key cost reduction initiative amongst the wafering sector and so this market is expected to grow in tandem.
“We see great potential in supporting the company in the execution of its expansion pipeline, and are looking forward to working closely with the management team to further strengthen SiC Processing’s position as a leading supplier to the solar wafer manufacturing industry,” noted Dr. Sönke Bästlein, partner at Nordic Capital in Frankfurt.
SiC Processing claims to generate over 90% of revenues from customers in PV wafer manufacturing, but also serves major manufacturers in the semiconductor industry. Its headquarters are located in Hirschau, Germany and production facilities are in Germany, Norway, Italy, China and the USA.