Forge Nano Completes Acquisition of HZO

The all-stock deal combines a semiconductor equipment maker with a protective nanocoatings provider headquartered in Morrisville, North Carolina.

Updated on Nov. 5, 2026 in Semiconductors

Forge Nano Holdings, a semiconductor equipment and advanced materials company, has completed its acquisition of HZO, Inc., a provider of protective nanocoatings for electronics. The transaction was an all-stock deal involving approximately 7.3 million shares of Forge Nano common stock.

Why it matters

The combination is intended to give customers a single surface engineering partner across the device lifecycle. For Colorado readers, the deal involves Forge Nano, whose headquarters is in Thornton.

The transaction involved about 7.3 million Forge Nano shares, with 5.8 million issued at closing and 1.5 million held back for twelve months to secure post-closing obligations. HZO operates three coating facilities in the U.S., Mexico, and Vietnam, and the financial value of the deal in dollars was not disclosed.

The players

Forge Nano Holdings

Forge Nano Holdings is a semiconductor equipment and advanced materials company headquartered in Thornton, Colorado, that acquired HZO in an all-stock transaction.

HZO, Inc.

HZO, Inc. is a provider of protective nanocoatings for electronics headquartered in Morrisville, North Carolina, operating coating facilities in the U.S., Mexico and Vietnam.

Rachael Lerebours

Rachael Lerebours is the president who will lead HZO as a subsidiary of Forge Nano.

The details

HZO will operate as a wholly owned subsidiary of Forge Nano under the HZO brand, led by President Rachael Lerebours. HZO's employees will join Forge Nano, and the companies expect operating efficiencies through shared manufacturing, procurement and administrative functions.

November 5, 2026: Acquisition of HZO completed and announced.
September 22, 2026: Proxy statement/prospectus dated for the Form S-4 filing.
Twelve months after closing: Held-back shares released after post-closing obligations are satisfied.

The Tech Race

The acquisition reflects a broader push among semiconductor equipment and materials suppliers to bundle surface engineering services across the device lifecycle. Combining an equipment maker with a nanocoatings provider positions Forge Nano to compete on integrated offerings rather than standalone components.

Customers of HZO's coating services may see a single provider handle surface engineering across more stages of device production. The companies have not announced specific changes to pricing or product availability.

The takeaway

The combination signals that semiconductor suppliers are looking to offer broader, integrated services rather than single products. Readers tracking the sector can watch whether the companies deliver the promised operating efficiencies after closing.