Forge Nano Absorbs Nanocoating Maker HZO
The all-stock deal gives electronics makers one surface engineering partner, with HZO's coatings now inside a Colorado semiconductor equipment company.
Updated on Nov. 5, 2026 in Semiconductors
Forge Nano Holdings completed its acquisition of HZO, Inc., a Morrisville, North Carolina provider of protective nanocoatings for electronics, in an all-stock transaction. The deal is completed, not announced or in research.
Why it matters
The combination pairs Forge Nano's semiconductor equipment and advanced materials with HZO's coating operations, which the companies say will let customers work with a single surface engineering partner across the device lifecycle. Consolidation of this kind suggests surface and protective layers are becoming a bundled part of semiconductor and electronics manufacturing.
The transaction was settled entirely in Forge Nano stock, with 7.3 million total shares split into 5.8 million at closing and 1.5 million held back for twelve months. Net new issuance after the 2.2 million-share exchange was about 5.1 million shares, and HZO runs three coating facilities in the U.S., Mexico and Vietnam.
The players
Forge Nano Holdings
A Thornton, Colorado semiconductor equipment and advanced materials company that acquired HZO in the all-stock deal.
HZO, Inc.
A Morrisville, North Carolina provider of protective nanocoatings for electronics, with coating facilities in the U.S., Mexico and Vietnam.
Rachael Lerebours
The executive who will lead HZO as President within Forge Nano's structure.
The details
HZO applies protective nanocoatings, thin engineered films that shield electronic components from moisture, contamination and other environmental stresses. Forge Nano acquired all outstanding HZO equity in exchange for its own common stock rather than cash, so HZO's ownership moves into Forge Nano's share structure. Part of the stock is held back for a year to secure post-closing obligations. HZO will continue as a wholly owned subsidiary under its existing brand, led by President Rachael Lerebours.
Timeline
September 22, 2026: Proxy statement/prospectus dated for the Form S-4 filing.
November 5, 2026: Acquisition of HZO completed and announced.
Twelve months after closing: Held-back shares released after post-closing obligations are met.
The Tech Race
The deal folds a protective-coating supplier with plants in three countries into a semiconductor equipment maker, a move toward offering device makers a single surface engineering partner. The source does not name a competing effort or prior milestone in the field against which this positioning should be measured.
Electronics makers that buy HZO's coatings will now deal with Forge Nano as the parent company, and HZO's employees are moving to Forge Nano. The source does not describe changes to pricing, product availability, or existing customer contracts.
The takeaway
Watch whether Forge Nano delivers on its stated plan to offer customers a single surface engineering partner across the device lifecycle. The first concrete signal will be the Form S-4 and proxy materials dated September 22, 2026, and the release of held-back shares twelve months after the November 5, 2026 closing.
What happens next
Held-back shares of about 1.5 million become releasable twelve months after the November 5, 2026 closing, when the post-closing obligations they secure are resolved.
Further reading
For more on the chip supply chain this deal touches, explore our Semiconductors coverage.
Source note: This article includes information reported by The Manila times.
