At the time of Advent's investment, CVC was the leading manufacturer of semiconductor equipment used in the production of evolving tape- and disk-drive recording heads, optical components, passive components, magnetoresistive random-access memories and various logic devices.
The company's equipment employed leading technologies such as physical and metal-organic vapor deposition, ion beam etch and diamond-like carbon.
We invested in the business in 1998, after a planned IPO was withdrawn due to negative market conditions. Although a flotation remained the company's objective, private equity funding enabled CVC to proceed with its planned expansion strategy until market conditions improved.
CVC's decision to work with us was influenced by our team's industry background, which gave the company confidence in our ability to operate as a genuine partner in developing the business.
Post investment, we helped CVC acquire the No. 2 player in its niche, strengthening its market share. One year later, in 1999, the company floated on Nasdaq.
In 2000, CVC was acquired in a friendly transaction by Veeco Instruments (Nasdaq: VECO), a leading provider of metrology tools, process equipment, etch and deposition tools for the semiconductor industry.