Advantek LLC, a maker of carrier tape and protective packaging, is being sold from one private equity firm to another.

The Eden Prairie, Minn.-based company is now majority owned by Cornell Capital LLC of New York in a deal with Tinicum L.P. and affiliated funs managed by Tinicum Inc., which retains a minority interest in Advantek.

Advantek makes precision packaging and delivery systems for the semiconductor and electronic components businesses.

Aside from the Minnesota headquarters, the company has locations in Taipei; Manila; Shanghai; Eau Claire, Wis., and Laxa, Sweden.

"As strong secular market trends in component miniaturization and electrification continue to drive increased high-precision carrier tape and component demand, Advantek is well-positioned to capitalize on attractive opportunities for continued growth globally," said Allen Chu, partner and head of Asia for Cornell Capital, in a statement.

Carrier tape protects integrated circuits and other electronic devices from physical and electro-static discharge damage during shipping and storage, according to Advantek. Tapes can be made from polycarbonate and polystyrene.

"Carrier tape is widely used for presenting devices to pick-and-place machines for automatic placement onto printed circuit boards," the company said on its website.

Advantek also makes cover tape to seal components in carrier tape and reels to wind and store carrier tape containing products for shipment. Additional products include protective bands used with the reels as well as film and bag products.

The new owners, the existing owners and management all see Advantek growing under Cornell Capital's majority control. Advantek CEO Wim Goossens said Cornell has a "uniquely flexible global production model."

Growth will include "continued innovation, geographic and capacity expansion and M&A," Cornell Capital said.

Tinicum only made its investment in Advantek in January 2021 when it purchased controlling interest in Robert Family Holdings LLC. At the time, Robert Family Holdings changed its name to TSL Engineered Products Inc., which had three wholly owned operating subsidiaries: Advantek, Continental Disc Corp. LLC and Dexter Magnetic Technologies Inc.

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