M&A Deal Summary

Philips Acquires TIR Systems

On June 8, 2007, Philips acquired electrical equipment company TIR Systems from Corridor Capital for 49M EUR

Acquisition Highlights
  • This is Philips’ 1st transaction in the Electrical Equipment sector.
  • This is Philips’ 10th largest (disclosed) transaction.
  • This is Philips’ 1st transaction in Canada.
  • This is Philips’ 1st transaction in British Columbia.

M&A Deal Summary
Date 2007-06-08
Target TIR Systems
Sector Electrical Equipment
Buyer(s) Philips
Sellers(s) Corridor Capital
Deal Type Add-on Acquisition
Deal Value 49M EUR

Target

TIR Systems

Burnaby, British Columbia, Canada
TIR Systems Limited is a provider of Solid State Lighting (SSL) technology for products that generate high quality white light. The company is commercializing its newly-developed Lexel technology for SSL-based spotlighting with a platform of fully integrated SSL modules.

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Buyer(S) 1

Buyer

Philips

Amsterdam, Netherlands
Category Company
Founded 1891
Sector Consumer Products
Employees69,062
Revenue 18.2B EUR (2023)
DESCRIPTION
Philips office building in Prague, Czech Republic.
Philips office building in Prague, Czech Republic.

Philips is a diversified health and well-being company with products that include cardiac care, acute care and home healthcare, oral healthcare, and male shaving and grooming. Koninklijke Philips was founded in 1891 and is based in Amsterdam, Netherlands.

DEAL STATS #
Overall 8 of 33
Sector (Electrical Equipment) 1 of 3
Type (Add-on Acquisition) 6 of 28
State (British Columbia) 1 of 1
Country (Canada) 1 of 1
Year (2007) 3 of 4
Size (of disclosed) 10 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-01 Health Watch Holdings

Cherry Hill, New Jersey, United States

Health Watch Holdings, Inc., (Health Watch), based in Cherry Hill, New Jersey, is the second largest provider of personal response systems (“PRS”) and monitoring services in the United States. The PRS industry serves the needs of medically at-risk elders and disabled individuals who wish to remain in their own homes.

Buy $130M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-19 Philips - The Set-Top Box and Connectivity Solutions

Netherlands

Philips - The Set-Top Box and Connectivity Solutions is a designer and supplier of a range of digital TV products including satellite, cable, terrestrial and IPTV set-top box products.

Sell €95M

Seller(S) 1

SELLER

Corridor Capital

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Corridor Capital is a private equity firm focused on acquiring lower middle-market companies in the specialty manufacturing, business services, healthcare services, technology services, and financial services sectors. Target companies are typically profitable ($2 to $8 million of EBITDA) and exhibit strong industry positions, identifiable growth possibilities, and stable/diverse customers. Corridor Capital was established in 2005 and is headquartered in Los Angeles, California.

DEAL STATS #
Overall 1 of 11
Sector (Electrical Equipment) 1 of 2
Type (Add-on Acquisition) 1 of 4
State (British Columbia) 1 of 1
Country (Canada) 1 of 1
Year (2007) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-11 Control Devices

Fenton, Missouri, United States

Control Devices is a designer and manufacturer of engineered flow control solutions in the gas, air, and liquid markets. Control Devices offers customized and standard valves, condensate traps, refrigerant distributors, and other products that serve as critical components in end-product applications, including medical systems, air compressors, fire suppression systems, and specialty gas HVACR, and heavy truck braking systems. Control Devices was founded in 1963 and is headquartered in Fenton, Missouri.

Buy -
Mergr

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