LOS ANGELES, Jan 8 (Bernama-GLOBE NEWSWIRE) -- Platinum Equity announced today that Pagani Holding III Limited ("Offeror"), an indirectly wholly-owned subsidiary of investment funds and entities affiliated with and advised by Platinum Equity, has signed a definitive agreement to acquire PCI Limited (“PCI”), a Singapore-listed electronics manufacturing services provider, for S$1.33 in cash per share. The transaction is subject to shareholder and regulatory approval and is expected to close in 2Q 2019.
PCI provides design, manufacturing, testing, and supply chain services to an expanding global customer base. The business serves diverse end-markets, including the automotive, industrial equipment, commercial, consumer/lifestyle, and medical segments.
“PCI has been delivering manufacturing solutions to blue-chip customers for more than 40 years,” said Platinum Equity Partner Jacob Kotzubei. “The company has a clear understanding of its customers’ technology and supply chain needs, and represents a strong platform for continued growth.”
PCI CEO Teo Eng Lin said the take-private transaction is the right move for the company and its stakeholders.
“We built this business on a commitment to helping our customers improve their time to market at the right price and performance points, with the highest possible quality standards,” said Mr. Teo. “Platinum Equity believes in that mission and will provide the financial and operational resources we need to further expand and improve our business. This is exciting news for our company and our customers.”
Platinum Equity’s Singapore-based investment team has been actively pursuing new investment opportunities in the region. The proposed transaction marks the second privatization from the Singapore Stock Exchange announced by the team in the last 18 months.
PCI will join other Asia-based companies in Platinum Equity’s portfolio, including: Broadway Systems and Technology, a Chinese manufacturer of protective packaging solutions, insulation and component products; Ying Shing Enterprises, a fully integrated manufacturing solutions provider for plastic injection molded and metal stamping components that was merged with Fischer Tech Limited in November 2017; and Compart Systems, a manufacturer of precision-engineered metal components.
“PCI delivers high-quality end-to-end manufacturing supply chain solutions that create competitive advantages for technology companies around the world,” said Soo Jin Goh, principal at Platinum Equity and head of the firm’s Singapore-based investment team. “We are committed to helping the company grow both organically and through additional add-on acquisitions.”
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