CVC fastens Acument Asian assets deal
CVC Capital Partners has won an auction against Kohlberg Kravis Roberts & Co. and Unitas Capital for the Asian assets of fastener manufacturer Acument Global Technologies, estimated at around $300 million.
The deal, a secondary purchase from US private equity firm Platinum Equity, nets CVC a Singapore-headquartered regional business with manufacturing facilities in China, Malaysia, Taiwan and India, and sales and distribution across Greater China and North and Southeast Asia. Affinity Equity Partners was also cited as a possible bidder for the asset. Acument produces industrial fasteners, screws, bolts, and similar products for industries from medical technologies to automotive, but its business apparently suffered from the GFC, with its German division declaring bankruptcy last August. CVC was advised by Goldman Sachs in the deal, and used fully underwritten debt from Bank of America Merrill Lynch and JPMorgan.
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