Singapore Exchange Mainboard-listed Sunningdale Tech Ltd ("Sunningdale Tech") announced today completion of the 100% acquisition of all of the issued and paid-up shares of Anchorage Singapore Holdings Pte Ltd, the ultimateholding company of First Engineering Limited ("FEL"). The transaction values FEL at an enterprise value of US$80 million.
Headquartered in Singapore, FEL is a market leading manufacturer of precision plastic moulds and engineering components, for the automotive, consumer/IT and healthcare (medical device) business segments. FEL serves a blue chip customer base from its manufacturing and sales locations across five countries. In the preceding twelve month period ending 31 July 2014, FEL generated revenue and EBITDA of US$134 million1 and US$17.1 million1, respectively.
"In just over two years of Anchorage ownership, a comprehensive turnaround program has resulted in a fully invested, high quality and scalable business," said Anchorage Managing Director and FEL Chairman, Daniel Wong.
"Today, FEL is one of the most diversified precision plastics manufacturers in Asia, with high quality customers and exposure to attractive markets such as auto and medical devices. Strategic capital investment, including a best-in-class tooling centre in Shanghai, China, and manufacturing facility in Chennai, India, have further strengthened FEL’s design, engineering and manufacturing capabilities, to be leveraged for future growth."
Rippledot Capital advised the Board in relation to the transaction and Allen & Gledhill was FEL’s legal adviser.
Sunningdale Tech’s announcement can be viewed here.
About Anchorage Capital Partners
Anchorage Capital Partners is a specialist Australian private equity firm that focuses on investing in companies which have strong and established track records, but are not achieving their full potential. The funds managed by Anchorage have $450 million in committed funds. Anchorage's partners and investment professionals have considerable experience in company management, corporate strategy, management consulting and corporate finance and have a long track record of successful partnerships with management teams.
1 Based on unaudited and unreviewed management accounts prepared by FEL. Revenue does not include any contribution from FEL’s joint venture partner, while EBITDA includes proportionate contribution from FEL’s joint venture company