Lattice Semiconductor AMI acquisition follows THL Partners exit

The Lattice Semiconductor AMI acquisition gives the chip company ownership of a Duluth, Georgia-based provider of firmware and platform management solutions, according to PE Hub. Financial terms of the transaction were not disclosed, leaving investors without a stated valuation or consideration mix.

THL Partners sold AMI to Lattice Semiconductor after taking a majority stake in the company in 2024, PE Hub reported. As part of the transaction, THL will keep an equity ownership interest in Lattice Semiconductor.

The retained stake means THL is not making a complete economic exit from the combined opportunity, based on the reported transaction structure. No further detail was provided on the size of the retained interest, the form of consideration, closing conditions or any financing arrangements.

What does AMI do?

AMI provides firmware and platform management solutions, according to PE Hub. Firmware is software embedded close to hardware, while platform management tools help oversee the operation of computing systems and related infrastructure.

AMI is based in Duluth, Georgia, and is led by chief executive Sanjoy Maity, PE Hub reported. The company operates in a part of the technology stack that sits near hardware systems, making it relevant to semiconductor and systems companies that depend on reliable device-level software.

Why did THL Partners sell AMI to Lattice Semiconductor?

PE Hub did not report a stated strategic rationale from Lattice Semiconductor. THL’s public comment focused on AMI’s technology position and the firm’s partnership with management.

“AMI exemplifies the type of business in which we seek to invest, one that provides differentiated technology at the heart of an important and growing ecosystem,” Jim Carlisle, managing director and head of technology and business solutions at THL, said, according to PE Hub. Carlisle added that it had been a privilege to work with Maity and AMI’s team.

THL’s involvement with AMI was relatively recent. The private equity firm made its majority investment in 2024, according to PE Hub, before selling the business to Lattice Semiconductor in the reported transaction.

For the private equity market, the deal adds to technology-sector transaction activity involving specialist software and systems companies. The absence of disclosed pricing limits any comparison with other sales in the sector, and PE Hub did not report revenue, earnings or other operating metrics for AMI.

Lattice Semiconductor’s purchase places AMI inside a listed semiconductor company rather than under majority private equity ownership. THL’s continuing equity interest in Lattice leaves the firm with exposure to the buyer after the sale, subject to the terms of that ownership stake, which were not disclosed.

This story draws on original reporting from PE Hub.