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Hony picks up c.30% of Singapore's Biosensors International

  • Maya Ando
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Hony Captal, the leading China-focused private equity firm, has acquired a 29.47% stake in Biosensors International Group, Ltd., a leading medical device company in Singapore, in a deal estimated at around $218.3 million.

Sellers included the company's CEO Yoh‐Chie Lu and his spouse, through Lu Asset Management, a limited partnership established for their benefit, as well as for his brother and other shareholders. Lu will remain as incumbent CEO to develop new strategic initiatives alongside the PE investor.

John Zhao, CEO of Hony Capital, commented, “ we see there is tremendous growth potential in the market [Biosensors] serves, particularly in emerging markets like China, as cardiac disease remains the Number One cause of death in China.” Biosensors International develops, manufactures, markets, and sells medical devices for interventional cardiology and critical care procedures. This is only Hony's second investment outside China since its buyout of Italian concrete machinery manufacturer CIFA (Compagnia Italiana Forme Acciaio S.p.A.) in September 2008.

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