Major Financial Sponsor Invests in Leading Industrial Solid-State Storage and IoT Solutions Provider to Support Continued Growth and Customer Demand
May 16, 2019 08:00 AM Eastern Daylight Time
RANCHO SANTA MARGARITA, Calif. –Virtium, a leading provider of solid-state drive (SSD) and memory solutions for the Industrial Internet of Things (IIoT) market, today announced it has secured an investment from Court Square Capital Partners (“Court Square”). Court Square and Virtium will partner to drive design innovations and develop next-generation SSDs and other semiconductor modules to address multiple markets’ growing demand for secure data storage in the 4G/5G mobile infrastructure
Court Square brings one of the most experienced investment teams in the industry, having completed over 225 investments, including leading technology firms such as Fairchild, Intersil, AMI Semiconductor and others. Over a 40-year history, Court Square has successfully navigated through numerous economic, industry and financial cycles, completed multiple landmark transactions, and developed numerous businesses into market leaders.
“Partnering with Court Square is strategic for Virtium to enter our next phase of growth,” said Phu Hoang, co-founder, CEO, and Board member of Virtium. “Our customers worldwide will be pleased with the investments made to continue our innovations to support their growing demands for high-reliability memory and SSDs. We would like to thank our exiting partner, L Squared Capital, who has been instrumental in providing guidance and support over the past four years for us to be able to drive innovations and assemble a world-class management team and board members.”
“Virtium has a strong history of founder-led growth supported by a world-class management team,” said Joseph Silvestri, Managing Partner at Court Square. “Court Square has deep domain expertise in the semiconductor space. We are excited to combine our experience and resources with the excellent operators at Virtium to position the company for continued success.”
“Virtium’s innovation and strong execution over the past few years has led to more than doubling of revenue and its management team has proven to be able to drive continued organic growth,” said Steve Litchfield, a Virtium Board member. “Virtium is in a strong position to acquire companies in a similar space. It is the company to watch over the next couple years.”
Serving the world’s top industrial embedded OEM customers for more than two decades, Virtium designs, builds and supports solid-state-storage, memory and semiconductor modules in the USA. It provides a dedicated software team for custom storage solutions – all fortified by a network of global locations. The company’s intelligent industrial embedded solutions provide the robust performance, reliability and functionality needed in the most demanding applications. For more information on Virtium, please visit www.virtium.com.
About Court Square Capital Partners
Court Square is a middle market private equity firm with one of the most experienced investment teams in the industry. Since 1979, the team has completed over 225 investments, including several landmark transactions, and has developed numerous businesses into leaders in their respective markets. Court Square invests in companies that have compelling growth potential within the business services, general industrial, healthcare, and technology and telecommunications sectors. The firm has $6.2 billion of assets under management and is based in New York, N.Y. For more information on Court Square, please visit www.courtsquare.com.