The Komax Group has agreed to sell the Komax Solar business unit to its management team through a management buyout.
The MBO is structured as an asset deal, Komax said in a news release. The new company is owned by the existing management team and Komax retains a minority stake.
The deal satisfies the Komax board of director’s decision to sell off the solar business unit and "is a solution that respects the interests of all stakeholder groups," the release stated.
Komax Solar makes machines for the solar industry.
The Switzerland-based Komax Group purchased York County-based Ascor in 2000. Ascor was a small custom machine builder that was formed in 1994. In 2003, the focus of this operation was turned exclusively to the solar market.
Since the same management team will be driving the business, the deal "assures that all existing and future solar customers will experience a seamless transition and will continue to receive the same state-of-the-art products and services they are accustomed to receiving from Komax Solar," the release said.
The management team is led by Brian Micciche , president and CEO; Pete Kostic, vice president of sales; and Bill Duncan, vice president of operations. The new company will maintain its global footprint and will move its corporate headquarters to its existing York facility.
"Komax Solar has always been known as an innovator in the solar industry and has set the standard for many of today’s cell interconnection technologies," the release said.
The new company is scheduled to begin operations by the end of 2014.