Dymon Asia carves out shipping industry supplier
Dymon Asia Private Equity has agreed a carve-out of Singapore-based shipping industry equipment supplier RAM Spreaders from its German parent Salzgitter Maschinenbau for an undisclosed sum.
Dymon Asia has described the deal as its first cross-border buyout from Europe. The firm has executed regional several carve-outs in recent years, including the acquisition of Sembcorp’s biohazardous waste unit, which has gone on to experience significant pandemic-related tailwinds.
Founded in the UK in 1972, RAM Spreaders is a leading manufacturer of ship container handling equipment called spreaders and is considered a dominant supplier in Asia. It also makes a range of hydraulic and electric lifts, cranes, and crane-mounted scoopers and grabbers.
“We expect to continue developing new products through R&D and new sustainable technology, secure new projects and contract wins to support the global port expansions, and to expand the business via M&A as well as organic growth,” Garbriel Ho, a partner at Dymon Asia, told AVCJ.
RAM has more than 350 employees across 11 countries, including headquarters in Singapore and a 2.9-hectare factory in China. It claims its equipment is used in both large and small ports across 65 countries. Operations also include a 24-hour maintenance support service, spare parts supply, and equipment upgrades for existing clients.
“We believe that Gabriel and the team’s track record and ability to add value strategically and operationally will help RAM Spreaders to scale new heights,” RAM CEO Philip Lee said in a statement. “This is especially important given the rising challenges such as tight supply chains, shipping bottlenecks and raw material prices.”
Dymon Asia Private Equity was established in 2012 as a unit under hedge fund manager Dymon Asia Capital. It launched its third Southeast Asia middle-market fund earlier this year with a target of USD 550m; Fund II closed on USD 450m in 2018. Cheque sizes typically range from USD 15m to USD 50m for profitable companies that have revenues of USD 20m to USD 500m.
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