AGIC backs Singapore medical device manufacturer
Hong Kong-headquartered AGIC Capital, an Asia-Europe cross-border specialist, has led a growth equity round of undisclosed size for Singapore-based medical devices maker AP Technologies.
It marks the first investment in an Asia-based company for AGIC’s second fund, which closed in 2021 with USD 1.2bn for a largely focused on helping European companies access China. Cross-border demand for medical technologies is core to the thesis.
AGIC takes majority or significant minority positions in companies with enterprise values in a range of USD 50m-USD 500m. It focuses on businesses that have differentiated technologies and international growth potential.
AP produces precision medical tubing and catheter assemblies for critical healthcare applications. It claims to serve hundreds of customers globally, including several blue-chip companies in diagnostics, interventional cardiology, neurology, and diabetic care.
The company has a 50,000-square-foot biomedical facility and 10,000 sqft of controlled environment production rooms. Equipment includes 10 medical-grade extruders (used to make catheters) and machines for secondary processing procedures such as ultrasonic cleaning. Manufacturing operations are based in China.
The plan is to invest in improving technological capabilities while expanding existing operations along the Europe-Asia axis. AGIC said these efforts would be supported by structural growth in the diagnostic and therapeutic industries in Asia and globally.
“We are very impressed with AP’s strong technical capabilities, focus on product quality, and proven track record in working with world-class customers and fulfilling their unique demands, which is reflected in the company’s impressive growth over the years,” Ken He, a director at AGIC, said in a statement.
AGIC has more than 25 professionals based in Europe and Asia and about USD 2.2bn in assets under management. It was active as recently as last month with the acquisition of France-based Pure Trade, a packaging supplier for the global beauty industry with manufacturing bases in Shenzhen and Hong Kong.
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