Navis proposes $88m buyout of Singapore-listed Adampak

The acquisition was made through Safe Label Group, an investment holding company controlled by the $1.17 billion Navis Fund VI, which was established in September 2008. The offer of S$0.42 per share, represents approximately a 22% premium over Adampak's last traded price of S$0.345.

Founded in 1979, Adampak producers labels, seals and other precision die-cut components for the electronics, consumer products, pharmaceuticals, logistics and various other industries. It has manufacturing facilities in four Southeast Asian countries and China.

Jean-Christophe Marti, a partner with Navis Capital in Singapore, said: "Under a new stewardship, Adampak will undertake strategic growth initiatives through geographical expansion, organically or through acquisitions, to take advantage of the company's manufacturing capability and its growing client base."

This is Navis' fourth buyout of a Singapore-listed company. It was previously part of a consortium that acquired Mentor Media in 2006, privatized King's Safetywear in 2008 before selling to Honeywell International in 2011 for S$430 million, and also last year purchased Eng Kong Holdings.

Last Friday, Navis bought a majority stake in MCAT Box Office (MBO), Malaysia's third largest cinema operator, for MYR104 million ($33.9 million). The transaction was structured as a combination of new shares and existing shares sold by the sole shareholder, Tan Sri Abdul Rashid Abdul Manaf.

The capital will be used for digitalization and refurbishment of existing cinemas, and bringing MBO to new locations nationwide.

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• Topics
• Southeast Asia
• Investments
• Buyouts
• Navis Management
• Singapore
• Malaysia
• Consumer
• manufacturing