Ekuinas buys Malaysia's Davex for $63m
Malaysian government-backed PE firm Ekuinas has acquired domestic lighting design company Davex for MYR255 million ($62.5 million).
The purchase marks Ekuinas' largest investment in the manufacturing sector and is intended to capitalize on increasing global demand for energy-efficient lighting solutions. Ekuinas will focus on growing Davex's presence in Australia and Singapore, and on improving the overall brand quality through efficiency improvements.
Davex was founded in 1983 and manufactures lighting fixtures with integrated light sources, called luminaires, under the Davis Lighting brand. The company provides end-to-end solutions to commercial, industrial and residential clients, including design, consultancy, and manufacturing services. It has contributed to major regional construction projects such as the Petronas Twin Towers in Malaysia, and Singapore's Changi Airport.
Davex was acquired in 2012 by Saudi Arabia-based General Lighting (GLC), which paid MYR183 million for the company. At the time GLC was a portfolio company of The Carlyle Group, which bought a 30% stake in 2010. Carlyle has since exited its stake in GLC to Philips, which now runs GLC, along with its own lighting business in Saudi Arabia, as a joint venture with Alliance Holding Company, a holding company managed by the founder of GLC.
Ekuinas, founded in 2009, aims to support the next generation of leading Malaysian companies. It invests across a range of industries, seeking either majority or significant minority stakes. Portfolio companies include sportswear retailer Al-Ikhsan Sports and its homegrown sportswear brand AL Sports, in which Ekuinas holds a 35% and 100% stake respectively.
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