Leading global provider of sputtering targets and equipment used in the deposition of thin film coatings

Deal Facts
  • AGIC acquired Soleras in July 2018
  • Exited to a KFMI in August 2019

Business Overview

  • Soleras provides key equipment and consumable advanced material targets to many industrial segments, including the manufacturers of energy efficient, “low-E” glass, electrochromic and “smart” glass, thin film photovoltaic panels and advanced displays used in touch screen phones and tablet computers
  • Soleras pioneered the rotary sputtering target process, which greatly improved the utilization efficiency of the target and the yield of the product and is suitable for large-area glass coating. In addition to energy-efficient glass, which is widely used in the construction sector, other industries have also switched to rotary sputtering technology

Investment Thesis

  • Low-E and smart windows allow to reduce energy consumption and greenhouse gas (GHG) emissions by blocking more than 90% of solar radiation from entering buildings
  • Soleras has a broad product portfolio covering target materials used in consumer electronics and architectural glass applications where it boasts a significant market share in Europe and the US
  • The markets for low-E glass and consumer electronics are set for continued growth in Asia due to growing urbanization and increased renovation activities as well as steady rise of automotive industry in China, S. Korea and India

AGIC Value Added

  • Helped to win and execute the largest supply contract in the company’s history with a US market leader for smart windows
  • AGIC helped Soleras form a cooperative relationship with an APAC-based industrial player that enabled the company to tap the local market’s potential through established sales channels and realize cost reductions along the manufacturing process
  • Assisted Soleras in assessing new commercial opportunities and introduced to it new customers in Asia