Navis acquires Singapore oil and gas components maker

Founded in 1979, Tri-Star specializes in corrosion-resistant products - nuts and bolts, but also cathodic protection for metal surfaces and cable support systems - with brands including Mastercote, Tristar, Dimet and M*rak. The company claims to be a market leader in Singapore, Indonesia, Australia, China, the Middle East and the US.

Key management will remain in place as shareholders and operators of the business with a view to expanding the company's international presence.

"Tri-Star is an outstanding company with excellent management, strong operations, a global network and a list of blue-chip clients who are leading global multinational corporations," Jean-Christophe Marti, a partner at Navis, said in a statement. "Over the past 35 years Tri-Star has become a leading player in the oil and gas component manufacturing sector, not just in Asia Pacific but also globally."

He added that Navis and company management will look to consolidate Tri-Star's position in its core segments, but also consider organic and inorganic growth opportunities in adjacent segments.

Navis was established in 1998 and has completed 60 transactions across the region, of which nearly 20 have been follow-on transactions. It focuses exclusively on buyout opportunities and most exits come via trade or secondary sales. As of the third quarter of 2013, Navis' Asia funds had generated a gross IRR of 34% and a money multiple of 3.3x on realized investments.

The private equity firm has around $5 billion in equity capital and completed fundraising for its seventh Asia fund in February with approximately $1.3 billion in commitments from LPs. The Malaysia-headquartered GP is also raising a shariah-compliant parallel vehicle, which is now expected to close in October, taking the total to about $1.5 billion.

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• Topics
• Buyouts
• Southeast Asia
• Industrials
• Navis Management
• Southeast Asia
• Singapore
• manufacturing
• buyout