Navis-led consortium buys Singapore tech manufacturer

According to a release, the consortium also includes Novo Tellus Capital Partners (NTCP), an unnamed Singapore-based tech-focused private equity fund, and an incoming management team lead by CEO Tan Bian Ee. He previously oversaw a turnaround of the business between 2011 and 2013.

The buyers made their initial offer in August and secured a sale and purchase agreement the following month.

Founded in 1988, MFS produces customized circuits used in the manufacture of electronic devices across a number of applications including telecommunications, automobiles, medical devices, consumer electronics, military and aerospace.

The company reported sales of S$148.6 million ($119 million) and a net profit of S$8.1 million for the nine months ended September 2014, against S$124 million and S$4 million, respectively, for the same period last year.

"MFS is a company that has orchestrated a successful and disciplined turnaround that redefined its position in the marketplace," Jean-Christophe Marti, a senior partner of Navis, said in a statement. "It is today very well-positioned to capitalize on rising global demand for interconnected and printed circuit solutions."

Last month, Navis exited Trio Engineered Products, a Chinese-American maker of industrial processing equipment to UK-listed engineering firm Weir Group for $220 million. Shortly before that, the PE firm bought a majority stake in Modern Star, an Australian distributor of education resources to early childhood centres and schools.

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• Topics
• Technology
• Southeast Asia
• Buyouts
• Technology
• Navis Management
• Singapore
• buyout