SINGAPORE, Aug. 4 /PRNewswire-Asia/ -- Funds advised by CVC Asia
Pacific Limited ("CVC"), Standard Chartered Private Equity Limited
("SCPEL") and company management, announced today that they have
completed the purchase of Acument Global Technologies' Avdel and
Global Electronics & Commercial ("GEC") businesses through an
indirectly owned company to be renamed infastech Limited. All
businesses of Avdel and GEC will be grouped under the new brand
"infastech".
"infastech" is headquartered in Singapore and is among the world's
largest producers of engineered mechanical fasteners. Its lead
brands of Avdel, Camcar and ELCO products have a long industry
heritage with origins dating back to 1920. Infastech provides
innovative fastening technologies and solutions to numerous
industries including global electronics, construction, automotive,
industrial and commercial.
"infastech" has operations, sales and distribution capabilities in
Australia, mainland China, Hong Kong, India, Japan, South Korea,
Malaysia, Singapore, Taiwan, Thailand, North America, South
America, UK and Europe. The organization has more than 1,800
employees, operating facilities in 16 countries and serves
customers in more than 150 countries and regions.
Mr. Hans Wang, Managing Director at CVC said, "'infastech' is a
market leader operating in some of the fastest growing segments of
the fastener industry. We look forward to working with management
to further develop 'infastech' by leveraging our global resources
and expertise in this space. In addition, we value the strong
relationship with Platinum Equity, which allowed us to work
together collaboratively throughout this complex transaction. It is
also a real tribute to the teamwork across the CVC network, which
enabled the successful acquisition of 'infastech' and its worldwide
operations."
Mr. Alastair Morrison, Managing Director and Global Head of SCPEL
commented, "This is a great example of a committed management team
becoming independent from a larger group, and given the opportunity
to shape their own destiny. The management team can now commit
resources and effort to infastech's growth priorities. My
experience is that this combination of experienced private equity
and committed management can produce exceptional business results
over the medium term. We applaud CVC and Platinum Equity for
structuring solutions that worked well for everyone, and our
advisors for making this transaction a reality." Mr. Soo Jin Goh
led the transaction for SCPEL.
Mr. Randy Teo, President and CEO of "infastech" Limited said, "We
are delighted with the completion of this transaction which heralds
a new era of growth and opportunity for the company. 'infastech' is
a dynamic company with a wide product portfolio built on innovative
application engineering. We strive to leverage our technology to
deliver solutions to our customers. Going forward, we will
significantly expand our business and be the supplier of choice to
our customers."
Bank of America Merrill Lynch and Clifford Chance acted as
financial and legal advisors to CVC and SCPEL, respectively.
Acquisition financing was provided by a syndicate of reputable
international and regional banks comprising of JPMorgan Securities
(Asia Pacific) Limited, Bank of America N.A., Credit Agricole
Corporate and Investment Bank, DBS Bank Limited, GE Commercial
Finance (Hong Kong) Limited, Standard Chartered Bank (Hong Kong)
Limited, United Overseas Bank Limited.
About CVC
CVC Capital Partners (CVC) is a leading global private equity firm
managing over US$40 billion in funds. CVC was founded in 1981 and
has a network of 20 offices throughout Europe, Asia and the US. CVC
has completed over 250 investments across a wide range of
industries and countries. CVC Asia Pacific has been one of the most
active private equity investors in the region and is currently
investing dedicated Asian funds of approximately US$4.3 billion. To
date, CVC Asia Pacific has completed over 30 investments, for a
total transaction size of US$25 billion.
About SCPEL
Standard Chartered Bank (SCB) is the world's leading emerging
markets bank focusing on Asia, Africa and the Middle East. Standard
Chartered Private Equity (SCPEL) is the wholly-owned private equity
arm of SCB. SCPEL invests in mid- to late-stage companies in need
of expansion capital or acquisition finance, and in management
buy-outs. It is an active partner that provides board-level
strategic advice and access to the international network of SCB.
Since 2002, SCPEL has invested more than US$1.5 billion in over 35
companies across Asia.
SOURCE CVC Asia Pacific Limited; Standard Chartered Private Equity
Limited