M&A Deal Summary

TPG and Applied Materials Acquire Elevated Materials

On February 4, 2025, private equity firm TPG and Applied Materials acquired electrical equipment company Elevated Materials

Acquisition Highlights
  • This is TPG’s 1st and Applied Materials’ 2nd transaction in the Electrical Equipment sector.
  • This is TPG’s 289th and Applied Materials’ 12th transaction in the United States.
  • This is TPG’s 88th and Applied Materials’ 6th transaction in California.

M&A Deal Summary

Date 2025-02-04
Target Elevated Materials
Sector Electrical Equipment
Buyer(s) TPG
Applied Materials
Deal Type Joint Venture

Target

Elevated Materials

Santa Clara, California, United States
Elevated Materials is at the forefront of battery innovation, delivering ultra-thin, uniform lithium films through their advanced vapor deposition process. Its lithium films unlock battery performance, enhancing energy density, lifespan and charge rates. Elevated Materials was founded in 2025 and is based in Santa Clara, California.

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Buyer(S) 2

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 296.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 440 of 451
Sector: Electrical Equipment M&A 1 of 1
Type: Joint Venture M&A Deals 4 of 4
State: California M&A 88 of 88
Country: United States M&A 289 of 298
Year: 2025 M&A 1 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-16 Infinidat

Waltham, Massachusetts, United States

Infinidat provides data storage technology and services. Infinidat helps customers empower data-driven competitive advantage at a multi-petabyte scale with over 6EB shipped worldwide. Infinidat was formed in 2011 and is based in Waltham, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-06 Altus Power

Stamford, Connecticut, United States

Altus Power is a commercial-scale provider of clean electric power serving commercial, industrial, public sector and Community Solar customers with end-to-end solutions. Altus Power originates, develops, owns and operates locally sited solar generation, energy storage, and charging infrastructure across the nation. Altus Power was founded in 2009 and is based in Stamford, Connecticut.

Buy $2.2B
Buyer

Applied Materials

Santa Clara, California, United States

Category Company
Founded 1967
Sector Semiconductors
Employees36,000
Revenue 27.2B USD (2024)
DESCRIPTION
Applied Materials' corporate headquarters in Santa Clara, California.
Applied Materials' corporate headquarters in Santa Clara, California.

Applied Materials provides manufacturing equipment, services and software to the global semiconductor, flat panel display, solar photovoltaic (PV) and related industries. Applied’s customers include manufacturers of semiconductor wafers and chips, flat panel liquid crystal and other displays, solar PV cells and modules, and other electronic devices. Applied Materials was founded in 1967 and is based in Santa Clara, California.


DEAL STATS #
Overall 21 of 21
Sector: Electrical Equipment M&A 2 of 2
Type: Joint Venture M&A Deals 2 of 2
State: California M&A 6 of 6
Country: United States M&A 12 of 12
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-16 Picosun

Espoo, Finland

Picosun is a provider of advanced ALD (Atomic Layer Deposition) thin-film coating technology for global industries and R&D. The company's production-proven ALD solutions enable high-performance IC components, smart sensors, and MEMS devices, brightest LEDs, powder materials functionalization for e.g. medical substances and catalyst manufacturing, and protective, anti-tarnish, barrier, and biocompatible coatings for minting, watchmaking, jewelry, and medical equipment industries. Picosun was formed in 2004 and is based in Espoo, Finland.

Buy -