Ekuinas buys controlling stake in Southeast Asia's Flexi Versa

According to a statement, the deal values FVG at around MYR330 million ($85 million). The size of Ekuinas’ stake has not been disclosed. It plans to improve the integration of FVG’s various divisions, grow its client list and expand its product portfolio.

Founded in 1994, FVG has seven factories in Malaysia, along with one each in Indonesia and Vietnam and an office in Singapore. The company manufactures a range of electrical and electronic components. Clients include Sony, Panasonic, Onkyo, Dyson and JVC Kenwood. Revenue in the most recent fiscal year came to around MYR300 million.

This is Ekuinas’ first investment in the electronics space, and its second manufacturing investment overall following the acquisition of Malaysian lighting design company Davex last year for MYR255 million. The deal is intended to capitalize on Southeast Asia’s growing status as a manufacturing hub for the electronics industry through a player with a proven track record.

“FVG’s senior management’s overall operations and turnaround experiences were central to our evaluation. Their experience in turning loss-making businesses to profitability is strongly demonstrated via their track record,” said Ekuinas CEO Syed Yasir Arafat. “Their vision is equally significant, especially in charting and navigating the future growth and strategy of the company.”

Ekuinas was founded in 2009 to support the next generation of leading Malaysian companies. It invests across a range of industries, seeking either majority or significant minority stakes.

Earlier this year the firm exited two Malaysian education assets: APIIT Education Group was sold in a management buyout backed by KV Asia Capital, while Tenby Education Group was acquired by International Schools Partnership.

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• Topics
• Southeast Asia
• Buyouts
• Consumer
• Industrials
• Malaysia
• Ekuinas
• manufacturing