H.I.G. Capital to buy electronics manufacturer SMTC

An affiliate of H.I.G. Capital LLC agreed to acquire all outstanding shares of Nasdaq-listed electronics company SMTC Corp.'s common stock for $6.044 per share in cash.

The price represents a premium of about 22% over SMTC's closing share price on Dec. 31, 2020.

The transaction, which is subject to shareholder approval and other customary closing conditions, is slated to close by the second quarter.

Separately, another H.I.G. affiliate closed on its purchase of Crothall Laundry Services Inc., a former unit of Compass Group PLC that offers outsourced laundry and linen management services for the healthcare and hospitality markets.

Lincoln International LLC was financial adviser to SMTC, and Perkins Coie LLP was its legal counsel. Ropes & Gray LLP was legal counsel to H.I.G. on the SMTC deal.