Gordon Brothers Finance entered into a $31.2 million financing transaction with SkyWater Technology Foundry to support the purchase of Cypress Semiconductor’s Bloomington, MN, wafer fabrication facility.

Backed by Oxbow Industries, SkyWater has purchased the capital stock of the subsidiary and will operate the fabrication facility as a standalone business that will manufacture wafers for Cypress and for other semiconductor manufacturers. The operation will now operate under the name SkyWater.

“We are pleased to provide SkyWater and Oxbow with the financing to support the acquisition of the Bloomington-based business,” said Lawrence Klaff, senior managing director with Gordon Brothers Finance Company. “Thanks to our partnership with Bob Maroney of Gordon Brothers’ Commercial & Industrial division, we had a clearer understanding of the business’s underlying asset value. We look forward to supporting the ongoing operations of the company.”

SkyWater, a semiconductor wafer manufacturing company, will continue to operate out of its Bloomington fabrication facility.