MEDIA RELEASE PR40689
CVC and Standard Chartered Private Equity Limited Complete the Acquisition of GEC and
Avdel
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
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