Navis exits Singapore's Adampak after 10-year hold

Financial terms were not disclosed. Navis acquired Adampak in 2012 for SGD 110.7m (then USD 88m) via its sixth fund, which closed on USD 1.2bn in 2010. Five portfolio companies from Fund VI were rolled over to a continuation vehicle last year as part of a stapled secondary transaction led by NewQuest Capital Partners in conjunction with the USD 900m closing of Fund VIII.

It extends a string of four exits for Navis in the past 12 months, including Singapore’s TES-Envirocorp, an environmental services provider that was among the five companies repositioned in the Fund VI continuation vehicle. The others are test and certification business Qima, footwear industry supplier Texon, and biotech cold chain player B Medical Systems.

Adampak was founded in 1979 and traded on Singapore Exchange from 2004 until Navis’ acquisition. Operations span Singapore, Malaysia, Thailand, Indonesia, Philippines, and China. There were 825 employees as of May and group net sales of USD 69.9m during the 2021 financial year, according to a filing. Revenue and net profit for the year prior to acquisition were USD 58.2m and USD 4.9m, respectively.

“Adampak has been a good investment for us, with EBITDA compounding at 15% over ten years – which was certainly for longer than we originally anticipated,” Jean-Christophe Marti, a senior partner at Navis, said in a statement.

“Under Navis’ stewardship, Adampak has streamlined its operations and solidified its position as the market leader. The business has continued to show strong resilience and healthy cashflow generation, even during global disruptions such as the recent COVID-19 pandemic.”

The label offering encompasses a range of paper and synthetic materials, as well as technologies such as laser printing, silkscreen printing, and direct thermal printing. There are also significant business lines in precision die-cut components in rubber, metal, and plastic. Serviced markets include electronics, logistics, healthcare, automotive, and fast-moving consumer goods.

Oji Imaging, a subsidiary of Tokyo-listed Oji Holdings, said it wanted to expand its capacities in electronics and healthcare label making, which it expects to be growth areas in Asia. The Japanese company also said that Adampak would allow it to integrate its production processes from base paper to processing, including printing and conversion.

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• Topics
• Southeast Asia
• Industrials
• Trade sale
• Singapore
• Navis Management
• manufacturing