ShawKwei acquires CR Asia Group for $101m
ShawKwei & Partners has acquired CR Asia Group, a Bangkok-headquartered energy engineering company with a pan-regional presence, for $101 million.
ShawKwei is currently deploying its fourth fund, which closed at $812 million in 2018. The sellers include Joh. Mourik & Co. Holding of the Netherlands, Arabian Pipeline & Services of Saudi Arabia.
Founded in 1991 in Singapore, CR Asia serves customers in 18 Asian countries from bases in Singapore, Thailand, India, and Malaysia. These customers own plants and facilities used in processing energy and chemicals used in manufacturing plastics, textiles, cosmetics, electronics, paints, and packaging products.
The company specializes in servicing mission-critical catalysts, which are the core reactors used in energy refining, chemicals and fertilizers, and other heavy industrial processing facilities. It also provides equipment and plant maintenance, pipeline and process services, shutdowns and turnarounds, as well as engineering, procurement, and construction services.
Helping other companies transition to low-carbon operations is a significant part of the growth plan. Earlier this year, the company pledged to support a transition to a net-zero carbon world by 2050 by reducing its own emissions.
“The CR Asia Group has a reputation for excellence in energy engineering solutions across Asia and is well-positioned for the energy transition to a lower-carbon economy,” Kyle Shaw, founder of ShawKwei, said in a statement. “The CR Asia Group is supported by loyal employees, long-term customer relationships, and an extensive network of technical partners.”
ShawKwei invests primarily in middle-market industrial, manufacturing, and related business-to-business services companies via offices in Hong Kong, Singapore, and Shanghai. In March, the firm recruited automotive, electronics, and precision machining veteran Paul DeMand, as a managing director in charge of industrial business-to-business services.
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