Platinum Equity on Wednesday said that has sold Truesense Imaging to On Semiconductor Corp., a Phoenix maker of chips for electronic systems.
The Beverly Hills private equity firm led by billionaire Tom Gores said On Semiconductor will pay about $92 million in cash for Truesense, which is based in Rochester, N.Y. and makes image-sensing devices used in traffic monitoring, medical-scientific imaging and photography.
Platinum Equity acquired the company, previously known as Kodak Image Sensor Solutions, from Eastman Kodak Co. in November 2011. Truesense has offices in Brazil, China, and several other countries, with about $79 million in 2013 revenue.
"This is a textbook example of the value Platinum Equity's approach can provide many different stakeholders throughout the lifecycle of an investment," Jason Leach, the Platinum Equity senior vice president who led the initial acquisition, said in a statement. “We have now found a new home for Truesense that we believe is a perfect fit."
The deal is expected to close by the end of the second quarter pending regulatory approvals.