Shaw Kwei completes second Singapore take-private in two months
Greater China and Southeast Asia-focused private equity firm Shaw Kwei & Partners has completed the privatization and delisting of CHT, the largest global PVC adhesive tape manufacturer. It is Shaw Kwei’s second Singapore take-private deal in two months.
The delisting follows the purchase of CHT by YongLe Tape, a dedicated acquisition vehicle set up by Wong Fung, CHT's founder and chairman, Yang Shu Xia, an executive director with the company, and Shaw Kwei. The deal was worth $49 million, not including the assumption of a portion of CHT's outstanding debt.
Founded in 1984, CHT manufacturers a variety of tape products, primarily selling to the auto and electronics industries as well as to retailers for the consumer market. The company operates two factories in China, one near Beijing and the other in Shanghai, and has distribution facilities in the US and Europe.
Hong Kong-based Shaw Kwei targets mid-size consumer and manufacturing businesses in China, Hong Kong, Taiwan and Singapore. Its most recent fund, the Asian Value Investment Fund III, closed in January 2010.
In February, it acquired electronics manufacturer Beyonics Technology for $110 million and delisted the company from the Singapore Stock Exchange.
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