Navis to exit Singapore's MFS Technology with 3x return
Navis Capital Partners has agreed to exit its controlling position in Singapore-based circuit board maker MFS Technology. The GP will generate a 3x money multiple and an IRR of more than 40% on the investment.
The buyer is DCP Capital Partners, a private equity firm set up by David Liu and Julian Wolhardt, formerly of KKR. They left their leadership positions in KKR's China business in 2016 to establish their own fund.
Navis acquired a 90.1% stake in MFS in 2014 by investing $95.7 million alongside minority partner Novo Tellus Capital Partners (NTCP). It is the first exit from Navis’ seventh fund, which closed at $1.5 billion in 2015.
NTCP has also agreed to exit its stake, although financial details have not been disclosed. Other investors during the 2014 acquisition included an unnamed Singapore-based tech-focused private equity fund and Tan Bian Ee, CEO at MFS.
The company, which was founded in 1988 and has operations in China, Malaysia, and Singapore, will retain its existing senior management under DCP's ownership.
MFS produces customized flexible printed circuits for use in the automotive, telecommunications, medical, consumer electronics, military, and aerospace industries. Navis emphasized the company’s capacity to leverage growth trends in the internet-of-things, advanced mobility, and other data-driven markets.
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