Platinum Equity buys Chinese manufacturer Ying Shing

Platinum counts this as its first acquisition of a business headquartered in Asia, although the firm previously purchased a 70% stake in Sensis, publisher of print and online directories including the White Pages and the Yellow Pages, from Australia's Telstra Corporation for A$454 million ($407.17 million).

Jianying Chen, the founder and president of Ying Shing, is selling his majority interest to Platinum but will retain a minority stake in the business. He will also continue to lead operations. Chen noted that Platinum's financial and strategic support and operating expertise would help the company grow.

Founded in 1997 and headquartered in Hong Kong, Ying Shing operates three manufacturing facilities in China, with two in Zhuhai and one in Suzhou. Its customers come from sectors including mobile, gaming and digital media, telecom and networking, automotive and industrial, and healthcare.

"This is an important milestone for our firm and a natural step in the growth of our business. Today we are managing a truly global enterprise, with portfolio company operations on six continents, an expanded capital base, and the ability to source deals and transact anywhere in the world," said Tom Gores, Platinum's chairman and CEO, in a statement.

Platinum has more than $6 billion in assets under management and is currently investing its third buyout fund, which closed in September 2013 at $3.75 billion. The firm raised $2.75 billion for its previous vehicle in 2008.

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• Topics
• Buyouts
• Industrials
• Greater China
• buyout
• China
• manufacturing
• Platinum Equity