Ichor Holdings, Ltd. Announces $50 Million Share Repurchase Program

Program Initiated Concurrently with Debt Refinance

FREMONT, Calif.–(BUSINESS WIRE)–Ichor Holdings, Ltd. (NASDAQ: ICHR), a leader in the design,
engineering, and manufacturing of critical fluid and gas delivery
subsystems for semiconductor capital equipment, today announced that its
board of directors has authorized the repurchase of up to $50 million of
the company’s ordinary shares.

“Our confidence in the continued strength of the company and positive
free cash flow performance led us to approve this share repurchase
program,” commented Chairman and CEO Tom Rohrs. “Ichor’s management team
and board of directors firmly believe in our long-term growth prospects,
and we are also committed to efficient capital allocation. Given our
continued outlook for strong cash generation, as well as available funds
on our new revolving credit facility, we believe the company has the
financial position to continue to invest for future organic and
inorganic growth, while also allocating capital toward stock repurchases
on an opportunistic basis.”

Concurrent with the announcement of this program, the company has
completed the refinancing of their existing term loans and revolving
credit facility, with a new $175 million term loan and an expanded
revolving credit facility of up to $125 million. The interest rates on
both the new term loan and revolving credit facility have each been
reduced by 25 basis points, with maturity extended from August 2020 to
February 2023.

This $50 million share repurchase program is effective immediately and
will be funded using the company’s available cash, as well as
incremental borrowing on the new revolving credit facility. Share
repurchases under this program may be made through open market or
privately negotiated transactions, at times and in such amounts as the
board and management deem appropriate, subject to market conditions and
other factors, and in accordance with applicable regulatory
requirements. The share repurchase program does not obligate the company
to repurchase any dollar amount or number of shares, and the company may
commence, suspend or discontinue purchases of ordinary shares under this
authorization at any time or periodically without prior notice.

As of December 29, 2017, Ichor had $69.2 million in cash and restricted
cash, $189.5 million in long-term debt, and approximately 25.9 million
shares outstanding.

About Ichor

Ichor is a leader in the design, engineering and manufacturing of
critical fluid delivery subsystems for semiconductor capital equipment.
Our primary offerings include gas and chemical delivery subsystems,
collectively known as fluid delivery subsystems, which are key elements
of the process tools used in the manufacturing of semiconductor devices.
Our gas delivery subsystems deliver, monitor and control precise
quantities of the specialized gases used in semiconductor manufacturing
processes such as etch and deposition. Our chemical delivery subsystems
precisely blend and dispense the reactive liquid chemistries used in
semiconductor manufacturing processes such as electroplating and
cleaning. We also manufacture certain components for internal use in
fluid delivery systems and for direct sales to our customers. This
vertically integrated portion of our business is primarily focused on
metal and plastic parts that are used in gas and chemical systems,
respectively. For more information, please visit Ichor’s website at: www.ichorsystems.com.

Safe Harbor Statement

Certain statements in this release are "forward-looking statements" made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Words such as "guidance," "expects,"
"intends," "projects," "plans," "believes," "estimates," "targets,"
"anticipates," “look forward,” and similar expressions are used to
identify these forward-looking statements. Examples of forward-looking
statements include, but are not limited to, statements regarding future
growth, performance and cash flow generation, as well as any other
statement that does not directly relate to any historical or current
fact. Forward-looking statements are based on management’s current
expectations and assumptions regarding Ichor’s business and industry,
the economy and other future conditions, which may not prove to be
accurate. These statements are not guarantees and are subject to risks,
uncertainties and changes in circumstances that are difficult to
predict. Accordingly, you are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date they
are made. Many factors could cause actual results to differ
materially and adversely from these forward-looking statements,
including: (1) changes in, or the discontinuation of, our share
repurchase program, (2) dependence on expenditures by manufacturers and
cyclical downturns in the semiconductor capital equipment industry,
(3) reliance on a very small number of original equipment manufacturers
for a significant portion of sales, (4) negotiating leverage held by our
customers, (5) competitiveness and rapid evolution of the industries in
which we participate, (6) risks associated with weakness in the global
economy and geopolitical instability, (7) keeping pace with developments
in the industries we serve and with technological innovation generally,
(8) designing, developing and introducing new products that are accepted
by original equipment manufacturers in order to retain our existing
customers and obtain new customers, (9) managing our manufacturing and
procurement process effectively, (10) defects in our products that could
damage our reputation, decrease market acceptance and result in
potentially costly litigation, (11) dependence on a limited number of
suppliers and (12) the integration of recent acquisitions with Ichor,
including the ability to retain customers, suppliers and key employees.
Additional information concerning these and other factors can be found
in Ichor's filings with the Securities and Exchange Commission (the
“SEC”), including other risks, relevant factors and uncertainties
identified in the "Risk Factors" section of Ichor's Annual Report on
Form 10-K filed with the SEC on March 28, 2017, Ichor’s Quarterly
Reports on Form 10-Q filed with the SEC on May 12, 2017 and August 11,
2017, and subsequent filings with the SEC.

All forward-looking statements in this press release are based upon
information available to us as of the date hereof, and qualified in
their entirety by this cautionary statement. We undertake no obligation
to update or revise any forward-looking statements contained herein,
whether as a result of actual results, changes in Ichor’s expectations,
future events or developments, or otherwise, except as required by law.

Contacts

Ichor Holdings, Ltd.
Jeff Andreson, CFO, 510-897-5200
Claire
McAdams, IR, 530-265-9899
[email protected]